Bulletin: LA2013004

Date:
August 27, 2013
To:
All Louisiana Issuing Offices
RE:
RATES AND/OR FORMS UPDATE - ALTA 35 Series Endorsement Forms - Form and Rate Rule Changes

Dear Associates:

The Louisiana Department of Insurance has approved a Form and Rate Rule filing made by LATISSO effective September 1, 2013, for the endorsements referenced below.

ALTA 35-06 (Minerals and Other Subsurface Substances - Buildings) 04-02-12 (effective 09/01/13)

This is a new endorsement form and rate rule. This endorsement provides coverage against loss or damage to the existing building resulting from the use of the surface of the land for the extraction or development of minerals excepted in Schedule B of the policy.

Rate:  10% of the Original Rate for the policy and is in addition to the policy premium. The minimum premium is $250.

ALTA 35.1-06 (Minerals and Other Subsurface Substances - Improvements) 04-02-12 (effective 09/01/13)

This is a new endorsement form and rate rule. This endorsement provides coverage against loss or damage to the existing building, surface structure, paved road, walkway, parking area, driveway or curb resulting from the use of the surface of the land for the extraction or development of minerals excepted in Schedule B of the policy.

Rate:  10% of the Original Rate for the policy and is in addition to the policy premium. The minimum premium is $250.

ALTA 35.2-06 (Minerals and Other Subsurface Substances - Described Improvements) 04-02-12 (effective 09/01/13)

This is a new endorsement form and rate rule. This endorsement provides coverage against loss or damage to the existing improvement itemized as an exhibit to the endorsement resulting from the use of the surface of the land for the extraction or development of minerals excepted in Schedule B of the policy.

Rate:  10% of the Original Rate for the policy and is in addition to the policy premium. The minimum premium is $250.

ALTA 35.3-06 (Minerals and Other Subsurface Substances - Land Under Development) 04-02-12 (effective 09/01/13)

This is a new endorsement form and rate rule. This endorsement provides coverage against loss or damage to the existing or future building, surface structure, paved road, walkway, parking area, driveway or curb resulting from the use of the surface of the land for the extraction or development of minerals excepted in Schedule B of the policy.

Rate:   15% of the Original Rate for the policy and is in addition to the policy premium. The minimum premium is $250.

Questions relating to this bulletin may be directed to Louisiana Underwriting Personnel at (800) 209-4675 or Stewart Legal Services.

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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.