- May 05, 2016
- All New York State Agents
- Over limits/High Liability/Special/Extra Hazardous Risks Update New York Policy Issuing Offices
Periodically we update bulletins based upon our underwriting and claims experience. In addition to the required submission of an over limits request for NEW YORK policies exceeding the contractual limitations set forth in the STEWART TITLE INSURANCE COMPANY underwriting agreements, please submit an over limits request for the following subject matters considered to be special or extra hazardous risks. This list of subject matter areas is not an exhaustive list so your professional judgment and competency is always a key factor in determining those risks assumed by Stewart Title Insurance Company. All policy issuing offices are encouraged to contact the company as necessary.
· Short sales as covered in Bulletin 465.
· Self Dealing as covered in Bulletin 434.
· Insuring out of tax foreclosures, both judicial and non-judicial.
· Affirmatively insuring against boundary issues or out of possession issues.
· Insuring the Automatic subordinations (other than leases, if the lease subordination includes satisfactory non-disturbance language) or subordination of a mortgage to a construction loan mortgage.
· Insuring tidelands, submerged lands or access rights to water.
· Insuring without exception to an existing lien or interest of a co-owner based on a Bankruptcy.
· Insuring pursuant to a Court Order.
· Insuring any title where there is a Court Order in the chain of title, regardless of whether there is a Lis Pendens filed in the action.
· Insuring without exception based on a Bankruptcy Court Order avoiding a lien or conveyance.
· Insuring Native American lands.
· Insuring a mineral estate or water rights separate and apart from the surface interest.
· Insuring oil and/or gas leases, Bulletin 472.
· Insuring title to property currently or once owned by a railroad entity.
· Insuring Synthetic Leases.
· Insuring around outstanding enforceable unpaid recorded liens including Mechanics’ Liens.
· Fractional interests in notes secured by mortgages and owned by 10 or more individuals.
· Any endorsement in New York requiring Underwriter approval as provided in the TIRSA rate manual in effect on the date of closing.
· Insuring title when another New York licensed underwriter has declined to insure; the issuing office must notify Stewart of the refusal to insure.
· Issuing a policy on any property or name listed in a Special Alert or Bulletins issued by Stewart Title Insurance Company, Stewart Title Guaranty Company or other Title Insurance Company.
· Insuring title when there is any litigation affecting the title to the premises.
· Insuring title where the property or the transaction specifics are the subject matter of a Geographic Targeting Order.
· Insuring contrary to prohibited/suggested underwriting practices as set forth in any Stewart Title Insurance Company Bulletin.
In the event you have any questions, please the Stewart Title Insurance Company- New York Legal Department 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.
- Bulletins Replaced:
- Related Bulletins:
- NY000036 Claims Prevention 1) Identification of Parties and 2) Mortgage Satisfactions
- NY000371 Purchase of New York "Subprime Home Loans"
- NY000372 New Act Relating to Mortgage Foreclosures and Subprime Loans
- NY000396 Fraudulent MERS Satisfactions and Fraudulent Mortgage Satisfactions
- NY000434 Prohibition Against Self Dealing
- NY000459 Insuring at or after Mortgage or Deed of Trust Foreclosure
- NY000460 Attorney Affirmation-Required in Residential Foreclosure Actions
- NY000461 Amendment to Real Property Law - Mortgagor Right to Recover Legal Fees
- NY000465 Insuring at or after Mortgage or Deed of Trust Foreclosure Part 2
- NY000472 Oil & Gas Lease / Mineral Rights Affirmative Coverage
- NY000510 Over limits/High Liability/Special/Extra Hazardous Risks, New York Policy Issuing Offices
- Underwriting Manual:
- Exceptions Manual: