- April 26, 2006
- All New York State Office Counsel, Managers and Agents
- Revision to Mutual Indemnification Agreement
Effective for policies written on or after April 1, 2006, the Second Amended and Restate Mutual Indemnification Agreement has made the following change:
The amount of the mortgage under a covered risk is now $750,000.00.
There has been a clarification of issues that are NOT covered risks:
1. An option to purchase or a right of first refusal in a lease even if the policy insures that a tenant does not have an option or right of first refusal, or excepts the rights of tenants as tenants only.
2. Matters that arise during the gap period between policy date and date of recording.
As a reminder, the following companies are participants in the Mutual Indemnification Agreement:
Chicago; Commonwealth; Fidelity; First American; Lawyers; Old Republic; Ticor; Ticor of Florida; UGT; Washington.
THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.