- August 06, 2015
- All Washington Issuing Offices
- RATES AND/OR FORMS UPDATE - Rate manual for King, Pierce, Snohomish and Kitsap Counties
Attached is the Rate manual for Residential Property for King, Pierce, Snohomish and Kitsap Counties which has been approved for use effective September 1, 2015. There are several corrections from the previous manual that was approved for use on June 1, 2015. You are requested to review the entire filing closely.
Section 2.11 of the manual has been amended as follows:
a. Section 2.11.1 has been amended to clarify that the charge is applicable to both standard and extended lender’s policies; additional language specifying that the property is to be developed into four or more building sites; charge for owner’s extended coverage is 50% of column 1 of Exhibit “A”.
b. Section 2.11.4 has been added to contemplate the issuance of a Homeowner’s coverage policy following the completion of residential construction. This section was added to clarify the charges that had previously been contained and calculated under various sections of the manual.
c. Section 2.11.5 has been added to contemplate the issuance of extended owner’s policies issued following the completion of residential construction.
d. Note added that minimum charges under section 2.11 shall be $200.
Changes to Note on rate listed on Exhibit A are:
1. Line 8 of Column to has been amended to read $718.
2. Line 12 of Column 2 has been amended to read $1026.
3. Line 16 of Column 2 has been amended to read $1320.
4. Line 18 of Column 2 has been amended to read $1467.
5. Line 20 of Column 2 has been amended to read $1614.
6. Line 22 of Column 2 has been amended to read 1761.
7. Line 4 of Column 7 has been amended to read $250.
8. Addition of language that applicable rates will be rounded up to the next whole dollar.
Any agents using AIM+ please contact PropertyInfo Customer Care to advise them of the new rate changes and request that they implement the changes on their respective AIM+ systems effective September 1, 2015. All other agents please contact your software vendor or manager to have them modify your systems to implement the new rates effective September 1. 2015.
Please disseminate this Bulletin to all appropriate office personnel.
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.