- December 10, 2020
- All Delaware Issuing Offices
- RATES AND/OR FORMS UPDATE - Rate Simplification and Manual Revisions
The Delaware Insurance Department has approved a Rate Simplification and Manual Revisions submitted by the Delaware Title Insurance Rating Bureau (DTIRB) to become effective January 1, 2021.
The Rate Simplification collapses the current rating structures into a single Sale Rate and a single Non-Sale Rate. There are no longer any rules regarding the length of time since the last insured transaction. The new rates should enable you, consumers, and lenders to readily ascertain the rate applicable to the transaction. You will no longer be required to determine when the title was last insured. The Owner Policy Rate is for all sales. The Loan Policy Rate applies to refinances, although discounts for loan modifications and assignments of mortgages are still applicable now based upon the Loan Policy Rate.
The following rates have been withdrawn: The Original and Reissue; Acquisition by State of Delaware or any of its Political Subdivisions; United States Government Acquisitions; Charitable or Educational Acquisitions or Financing.
Please remember when quoting a premium, the rate applies to all transactions on and after January 1, 2021. Attached is a copy of the New Approved Rate Manual.
Please feel free to contact the Delaware Office at (302) 651-9201 with any questions or concerns.
Agents please contact PropertyInfo Customer Care or your title production software vendor to get the new rates/forms changes implemented in your system.
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.