- August 27, 2009
- All Missouri Issuing Offices
- Do Not Insure Boat Docks as Real Property under HB 842/RSMo 339.503
Missouri House Bill 842 takes effect August 28, 2009. It enacts a new § 339.503 of the "Missouri Certified and Licensed Real Estate Appraisers Act" and includes the following definition:
(7) "Boat dock," a structure for loading and unloading boats and connecting real property to water, public or private. A boat dock is real property and has riparian rights, provided:
(a) The lender includes the boat dock as a fixture both in the lender's deed of trust and a uniform commercial code fixture filing under section 400.9-502, RSMo;
(b) The boat dock is attached to the real property by steel cable, bar, or chain that is permanently imbedded in concrete or rock, and otherwise securely attached to the dock; and
(c) The owner of the dock has riparian rights by means of real estate rights bordering the body of water, including such rights by license, grant, or other means allowing access to the body of water, which access may be seasonal because the water may be reduced for electric power production or flood control; (emphasis added)
We cannot rely upon the referenced statute to insure "boat docks." In addition to standard riparian exceptions applicable to property abutting water, public or private, any commitment or policy (Owner's or Loan) issued for such property must include the following exception:
The Land shall not be deemed to include any boat dock.
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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.
- Bulletins Replaced:
- Related Bulletins:
- SLS2008019 Insuring Dockominiums
- Underwriting Manual:
- Exceptions Manual: