Bulletin: TN2012002

Date:
August 13, 2012
To:
All Tennessee Issuing Offices
RE:
Rate Changes [Revised 8-22-12]

Dear Associates: 

Effective September 1, 2012, the following rate changes have been approved by the Tennessee Department of Commerce and Insurance. 

Schedule A:  Davidson, Rutherford and Williamson Counties 

(1)        Original Issue Charges for Owner's and Loan Policies.  There is a change to the first $1,000 of liability which is adjusted from the current charge of $125.00 to $200.00.  The minimum charge has also been adjusted in the same fashion. 

(2)        The charges for the Homeowner's Policy of Title Insurance and the ALTA Expanded Coverage Residential Loan Policy.  The charges have been changed from the current additional 10% of the basic policy charge to an additional 20% of the basic policy charge. 

(3)        The Reissue Charge for Owner's and Loan Policies has now been modified into two areas, one for the Reissue charge for the Owner's Policy and one for the Reissue charge for the Loan Policy.  The charges remain the same which is 70% of the original charges up to the coverage amount of the previous policy.  The minimum charge for the section is $200.00. 

(4)        Simultaneous Issuance of Owner's and Leasehold Owner's Policies.  The only change is the adjustment in the minimum charge from $125.00 to $200.00. 

(5)        Closing Protection Letter fee of $50 per letter which is payable in full to the Underwriter at closing. 

Schedule B:  Hamilton County, Tennessee 

(1)        A combination of the Owner's and Loan Policies charges into one section.  There is a change to the first $1,000 of liability which is adjusted from the current charge of $125.00 to $200.00.  The range of over $100,000 and up to $1,000,000 is being adjusted from the current charge of $2.75 to $3.00.  The minimum charge was also adjusted from the charge of $125.00 to $200.00. 

(2)        The charges for the Homeowner's Policy of Title Insurance and the ALTA Expanded Coverage Residential Loan Policy.  The charges have been changed from the current additional 10% of the basic policy charge to an additional 20% of the basic policy charge. 

(3)        The Reissue Charge for Owner's and Loan Policies.  The section has now been modified into two areas, one for the Reissue charge for the Owner's Policy and one for the Reissue charge for the Loan Policy.  The charges remain the same which is 70% of the original charges up to the coverage amount of the previous policy.  The minimum charge for the section is $200.00. 

(4)        Simultaneous Issuance of Owner's and Leasehold Owner's Policies.  The only change in this section is the adjustment in the minimum charge from $125.00 to $200.00. 

(5)        Closing Protection Letter fee of $50 per letter which is payable in full to the Underwriter at closing. 

Schedule C:  Knox County, Tennessee 

(1)        The original Issue Charges for Owner's and Loan Policies.  There is a change to the first $1,000 of liability which is adjusted from the current charge of $125.00 to $200.00.  The minimum charge has also been adjusted in the same fashion.  The range of over $100,000 to $1,000,000 is being adjusted from the current charge of $2.75 to $3.00. 

(2)        The Homeowner's Policy of Title Insurance and the ALTA Expanded Coverage Residential Loan Policy.  The charges have been changed from the current additional 10% of the basic policy charge to an additional 20% of the basic policy charge. 

(3)        The Reissue Charge for Owner's and Loan Policies has now been modified into two areas, one for the Reissue charge for the Owner's Policy and one for the Reissue charge for the Loan Policy.  The charges remain the same which is 70% of the original charges up to the coverage amount of the previous policy.  The minimum charge for the section is $200.00. 

(4)        Simultaneous Issuance of Owner's and Leasehold Owner's Policies.  The only change in this section is the adjustment in the minimum charge from $125.00 to $200.00. 

(5)        Closing Protection Letter fee of $50 per letter which is payable in full to the Underwriter at closing. 

Schedule D:  Shelby County, Tennessee

(1)        The Original Issue Charges for Owner's and Loan Policies.  There is a change to the first $1,000 of liability which is adjusted from the current charge of $125.00 to $200.00.  The range of over $1,000 and up to $100,000 has been adjusted from the current charge of$3.75 to $4.00.  The range of over $100,000 and up to $1,000,000 has also been reduced from the current charge of $3.25 to $3.00. 

(2)        Homeowner's Policy of Title Insurance and the ALTA Expanded Coverage Residential Loan Policy.  The charges have been changed from the current additional 10% of the basic policy charge to an additional 20% of the basic policy charge. 

(3)        Reissue Charge for Owner's and Loan Policies.  The section has now been modified into two areas, one for the Reissue charge for the Owner's Policy and one for the Reissue charge for the Loan Policy.  The charges remain the same which is 70% of the original charges up to the coverage amount of the previous policy.  The minimum charge for the section is $200.00. 

(4)        Closing Protection Letter fee of $50 per letter which is payable in full to the Underwriter at closing. 

Schedule E:  All Counties Except Davidson, Hamilton, Knox, Rutherford, Shelby and Williamson 

(1)        Combination of the Owner's and Loan Policies charges into one section.  There is a change in the first range for the first $50,000 of liability which is adjusted from the current charge of $4.00 to $4.25.  The range of over $100,000 and up to $5,000,000 is being adjusted from the current charge of $2.25 to $2.50.  The minimum charge was also adjusted from the charge of $50.00 to $150 00.

(2)        Homeowner's Policy of Title Insurance and the ALTA Expanded Coverage Residential Loan Policy.  The charges have been changed from the current additional 10% of the basic policy charge to an additional 20% of the basic policy charge. 

(3)        The Reissue Charge for Owner's and Loan Policies.  The section has now been modified into two areas, one for the Reissue charge for the Owner's Policy and one for the Reissue charge for the Loan Policy.  The charges remain the same which is 70% of the original charges up to the coverage amount of the previous policy.  The minimum charge for the section is $200.00. 

(4)        Simultaneous Issuance of Owner's and Leasehold Owner's Policies.  The only change in this section is the adjustment in the minimum charge from $50.00 to $150.00. 

(5)        Closing Protection Letter fee of $50 per letter which is payable in full to the Underwriter at closing.

Note:  Any agent using AFW must contact Propertylnfo Customer Care to get new rate(s) changes implemented in your system. 

If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter. 

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:
None
Related Bulletins:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None