Bulletin: LA2011001

Date:
April 20, 2011
To:
All Louisiana Issuing Offices
RE:
ALTA® Closing Protection Coverage - Single Transaction Limited Liability (01/01/08) Form and Rate Filing

Dear Associates:   

The Louisiana Department of Insurance has approved the LATISSO Form filing of the ALTA® Closing Protection Coverage—Single Transaction Limited Liability (01/01/08) as referenced below.  

This Form addition is effective May 1, 2011.

ALTA® Closing Protection Coverage—Single Transaction Limited Liability (01/01/08)

Because LATISSO members would like the option to issue this coverage with or without the aggregate limit specified, this new version is in addition to the existing Closing Protection Coverage—Single Transaction currently approved.  This new version includes the following changes:

  • Paragraph (C) has been added to page 1:

            (C)  the aggregate of all funds you transmit to the Issuing Agent or Approved Attorney for the Real Estate Transaction does not exceed $5 million.

Rate is $25 per occurrence and this format can be produced through www.stewarticl.com

ALTA® Closing Protection Coverage (01/01/08) (a/k/a "Blanket" Letter)

ALTA® Closing Protection Coverage (01/01/08) (a/k/a "Blanket" Letter) can no longer be produced through www.stewarticl.com.  When asked for "blanket" letter, please forward the request received from the lender to Rose Anne Seemann or Wayne McDonald.  The lender’s request must include the lender’s name and address as it should be shown on the closing protection coverage letter.

Rate remains $25 per occurrence.

The Louisiana Rate and Form Manual has been updated to reflect this change.  Please go to www.stewart.com/louisiana for the updated manual and the revised forms in electronic format. 

If you have questions related to this bulletin, please contact your local underwriting personnel 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.

References

Bulletins Replaced:
LA000006 This bulletin has been replaced.
 
LA000015 This bulletin has been replaced.
Related Bulletins:
LA2008003 ALTA Endorsement 21-06 Creditor's Rights (01-01-08); Insured Closing Coverage (CPC-LA 08-01-08); Insured Closing Coverage (CPC-LA-Single Transaction 08-01-08); Insured Closing Coverage (CPC-LA-Limitations 08-01-08)
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None