Bulletin: UT2014001

Date:
May 07, 2014
To:
All Utah Issuing Offices
RE:
RATES AND/OR FORMS UPDATE - New Utah Rate Manual including Closing Protection Letters

Dear Associates:

Changes have been made to the Utah Rate Manual. The Manual has been filed with the Utah Department of Insurance and will be effective May 9, 2014. The Manual was updated to reflect the changes noted below and to clarify ambiguities in the rates; to make the rates charges on ALTA endorsements and similar CLTA endorsements consistent; and in some instances change the rate charged for the endorsement. Additionally, policy forms that were no longer being used were deleted from the list of forms available. Please take the opportunity to familiarize yourself with the modified Rate Manual which will be effective May 9, 2014. 

Highlighted below are the significant changes to the Rate Manual.

Section B-2 A. 2) The charge for an extended Owner’s Policy is now 50% of the Basic Schedule of Charges.

Section B-5 G. The charge for an ALTA Homeowner’s Policy is 110% of the charge for a standard owner’s policy.

Section B-13. A fee is now charged for each Closing Protection Letter (“CPL”). The charge for a lender, buyer/borrower is $25 and for $50 for a seller. The CPL fee is payable in full to Stewart.

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