Virtual Underwriter

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Bulletin: NJ000041

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Bulletin: NJ000041

Bulletin Document
V 1
Date: March 22, 1999
To: All New Jersey Issuing Offices
RE: ALTA 9 Endorsement; Restrictions, Encroachments, Minerals Endorsement Forms; NJRB Form Nos. 5-30, 5-62, and 5-63

Dear Associates:

Two new forms have been filed with and approved by the New Jersey Department of Banking and Insurance effective April 14, 1999 to replace the Restrictions, Encroachments, Minerals Endorsement (NJRB 5-42) as set forth in Section 10.22 of the Rate Manual. The ALTA 9.1 (NJRB 5-62) is to be used for unimproved lands and the ALTA 9.2 (NJRB 5-63) is to be used for improved lands. The underwriting guidelines remain the same and approval for issuance of either of these endorsements must be obtained from the State Office. The premium charge for these endorsements is the same as set forth in Section 10.22 of the Rate Manual.

The ALTA 9 (Restrictions, Encroachments, Minerals) Endorsement (NJRB 5-30) has also been revised. The revision is not substantive. ALTA is merely updating its forms by replacing the term "assurance" with the word "insurance". There is no change in premium charge or underwriting guidelines for the revised ALTA 9 form.

Please replace page 98 of your Manual of Forms with the ALTA 9 revised form and replace page 110 of the Manual with the ALTA 9.1 and add the ALTA 9.2 as page 110b, all of which are available through the references section at the end of this bulletin.

These forms are effective April 12, 1999 and will available from the forms department in Houston shortly.

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