- July 30, 2010
- All Louisiana Issuing Offices
- ALTA 11.1-06; ALTA 24-06 to 28-06; LA102 Form Filing Change and Rate Rule Change
The Louisiana Department of Insurance has approved the Form and Rate Rule filing made by LATISSO for the endorsements referenced below.
These new Forms and new Rate Rules became effective June 1, 2010, and are as follows:
This endorsement is designed for issuance when an intervening lien is subordinated by agreement to the insured mortgage in connection with the modification of the insured mortgage. Endorsement Form 11-06 (Mortgage Modification), which has been an available ALTA form, would continue to be available for insurance in connection with modifications with no subordination.
Rate: $0.50 per thousand of unpaid balance of the mortgage with a minimum of $125
This endorsement may be issued in connection with a Loan Policy insuring a Lender against loss or damage sustained by reason of the invalidity or unenforceability of the lien of the Insured Mortgage on the ground that making the loan secured by the Insured Mortgage constituted a violation of the "doing - business" laws of the State of Louisiana because of the failure of the Insured to qualify to do business under those laws.
This endorsement may be used in connection with an Owner's or Loan Policy and insures the Insured against loss or damage sustained by reason of the failure of the Land described in the policy to be the same as that delineated on the survey identified by reference in the endorsement.
This endorsement may be used in connection with an Owner's or Loan Policy and insures the Insured against loss or damage sustained by reason of the failure of the Land described in the policy to be the same as that specified portion of Land delineated on the survey identified by reference in the endorsement.
This endorsement may be used in connection with an Owner's or Loan Policy and insures the Insured that the Land described in the Policy constitutes a lawfully created parcel pursuant to subdivision statutes and local subdivision ordinances applicable to the Land.
This endorsement may be issued in connection with a Loan Policy and provides the Insured with protection against loss or damage by reason of the invalidity or unenforceability of the lien of the Insured Mortgage because the loan secured by the insured mortgage is usurious.
This endorsement provides the insured under an existing Owners' or Loan Policy with the ability to increase the amount of insurance with the same Company.
When an insured under an Owner Policy shall have satisfied the Company as to the Full Value of the Land, and shall have paid the premium described below, the Company or its agent may issue an Increased Coverage Endorsement.
When an insured under a Loan Policy requests an increase, which shall not exceed the maximum amount of the mortgage, insured by such Loan Policy, and shall have paid the premium described below, the Company or its agent, may issue an Increased Coverage Endorsement.
Rate: Premium shall be the Basic Rate computed on the new amount less the premium computed for the existing policy and any Increased Coverage Endorsements previously attached thereto.
These new Forms and new Rate Rules become effective August 1, 2010, and are as follows
This endorsement may be issued in connection with a Loan Policy and provides the Insured against loss in the event that a specific easement holder causes damage to an existing building or shall compel the removal of any portion of an improvement on the Land which encroaches upon said easement. This endorsement is usually requested by a Lender when an encroachment over an easement is discovered.
The Louisiana Rate and Form Manual has been updated to reflect the addition of these new forms and new rates. Please go to www.stgla.com for the updated manual and the new forms in electronic format.
If you have questions relating to this bulletin, please contact Louisiana Underwriting Personnel at (800) 209-4675 or Stewart Legal Services.
For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.
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:
- Underwriting Manual:
- Exceptions Manual:
- ALTA Endorsement 11.1-06 (Mortgage Modification with Subordination) (10/22/09)
- ALTA Endorsement 24-06 (Doing Business) (10/16/08)
- ALTA Endorsement 25-06 (Same as Survey) (10/16/08)
- ALTA Endorsement 25.1-06 (Same as Portion of Survey) (10/16/08)
- ALTA Endorsement 26-06 (Subdivision) (10/16/08)
- ALTA Endorsement 27-06 (Usury) (10/16/08)
- ALTA Endorsement 28-06 (Easement - Damage or Enforced Removal) (10/16/08)