Virtual Underwriter

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Bulletin: NJ000029

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Bulletin: NJ000029

Bulletin Document
V 1
Date: January 14, 1998
To: All Issuing Offices in New Jersey
RE: Aggregation (Tie-In) Endorsement ALTA 12 NJRB Form No. 5-56

Dear Associates:

The Department of Banking and Insurance has recently approved the use of the "Tie-In" endorsement. This endorsement is used ONLY in multi-state loan transactions where the company is being asked to insure a loan secured by mortgages or deeds of trust on various properties located in several states. The use of the endorsement involves a coordination of both underwriting and compliance with rate regulation in the various jurisdictions where the properties are located. Therefore, this endorsement may only be issued with the approval of the home office. In most cases this approval should be requested as part of the standard high liability approval procedure.

UNDERWRITING PROCEDURE:

This endorsement may only be issued with the specific approval of a senior underwriting counsel of the company.

PERMITTED CHARGES:

The charge for this endorsement is 10% of the premium charges for the aggregate liability of the policies to be issued insuring all sites located in New Jersey.

NJRB 5-56 ALTA 12 - Aggregation (Tie-In) Endorsement (page 179) should be added to your New Jersey Manual of Forms.

This form was effective on January 5, 1998 and will be available shortly from the home office forms department.

If you have any questions pertaining to the new form, or its permitted use, please do not hesitate to contact the New Jersey State office.

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.

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