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Bulletin: OH2019002

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Bulletin: OH2019002

Bulletin Document
V 1
Date: June 13, 2019
To: All Ohio Issuing Offices
RE: RATES AND/OR FORMS UPDATE - New Rates Approved

Dear Associates:

The Ohio Title Insurance Rating Bureau has approved the following Rates for use in Ohio, effective July 1, 2019:

ER-112 DELETION OF GENERAL EXCEPTION FOR MECHANICS’ LIEN  
 - LOAN POLICY

When mechanic's lien coverage is provided in a Loan Policy, whether within the express insuring provisions of the Policy issued or by the absence or deletion of the general exception for mechanic's liens:

a. Where there is a risk of loss due to mechanic's lien claims, as determined by the underwriter, the premium shall be forty percent (40%) of the Original Rate for each policy as set forth in PR-8 hereof, and is in addition to the Policy premium. The minimum premium shall be $500.

b. All other deletions of the general exception or affirmative coverage shall be ten percent (10%) of the Original Rate for such policy as set forth in PR-8 hereof, and is in addition to the policy premium. The minimum premium shall be $150.

ER-113 DELETION OF GENERAL EXCEPTION FOR MINERAL INTEREST             
 - LOAN POLICY

When the general exception for coal, oil, natural gas, and other mineral interests is to be deleted from a Loan Policy, the premium shall be thirty percent (30%) of the Original Rate for such policy as set forth in PR-8 hereof, and is in addition to the policy Premium. The minimum Premium shall be $350; however, if the Land is improved with a 1-4 family residence in a previously platted subdivision, the minimum Premium is $150. This Rate/Rule does not apply to and does not contemplate the deletion of any exception related to statutory priority of oil and gas leases, pipeline agreements or other instruments or agreements related to the production or sale of oil or natural gas under O.R.C. §1529.31(D).

ER-113.1 DELETION OF GENERAL EXCEPTION FOR MINERAL INTERESTS    
 - OWNER'S POLICY OR HOMEOWNER’S POLICY

When the general exception for coal, oil, natural gas, and other mineral interests is to be deleted from a Owners or Homeowner’s Policy, the premium shall be forty (40%) of the Original Rate for such policy as set forth in PR-1.1 hereof, and is in addition to the policy Premium. The minimum Premium shall be $500.

The Ohio Rate Manual effective July 1, 2019, is attached. 

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.

References