- August 14, 2018
- All Michigan Issuing Offices
- RATES AND/OR FORMS UPDATE - Commercial Rate Manual Change
Please be advised that Stewart Title has made a modification to its All Inclusive Commercial Schedule of Charges for Title Insurance in the State of Michigan (Commercial Rate Manual - copy attached) which change becomes effective September 1, 2018. Paragraph 7 of the Manual, entitled “Master Policies” has been modified addressing what properties can qualify for the sub-policy rate of $50.00. As of the effective date, the sub-policy rate of $50.00 applies to individual lots, condominium units or building sites, whether improved or otherwise. Please note that there have been no changes to the Master Policy rate nor to any other rate provision of the Manual.
Please advise all appropriate personnel of the above-identified information.
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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.