- January 31, 2013
- All New York State Agents, Counsel and Managing Members
- Search Limitations
This bulletin is being sent to our policy issuing offices as a result of a recent case in St Louis, MO. In Abengoa Bioenergy U.S. Holding, Inc. v. Chicago Title Insurance Company, a jury of the Circuit Court of St. Louis County (MO) returned a verdict in excess of $48,000,000.00 in favor of Abengoa against Chicago Title for an erroneous search. The Underwriting Agreements between the policy issuing office and Stewart Title insurance Company is an express statement of limited authority. As a duly authorized policy issuing office of Stewart Title Insurance Company, you are authorized to collect title insurance premiums, issue its title policies and endorsements in accordance with Stewart Title Insurance Company’s underwriting practices, the terms and conditions of the policies, and the Title Insurance Rate Service Association, Inc., Title Insurance Rate Manual, for property in New York State. Consistent with the above limitation, you may use Stewarts name on a Certificate of Title or Commitment when the intention is to provide a title insurance policy issued on behalf of Stewart. Do not provide a search product on a Stewart Certificate or Commitment and do not reference Stewart on a search product in any manner, such as by adding "Issuing Agent for Stewart."
If you have any questions relating to this or other bulletins, please contact a Stewart Title Insurance Company Legal Services Representative at 212-922-0050.
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.