Bulletin: ID2021001

Dear Associates:

The following revisions have been made to the Idaho Rate Manual. These changes will become effective January 20, 2021. The new Manual will be available at www.stewart.com/Idaho. Following is a summary of the changes. 

Grammar

There have been various grammatical and syntax changes throughout the manual that are not substantive. It should make for a more pleasant experience when reading the Manual.

Section B: Supplemental Charges and Rules

Item 1(b): Removed provision that issuance may include up to 20% in excess of loan amount.

Item 2-Additional Chains of Title: Minimum charge increase for additional chains of title from $100 to $125. If the land covered by the additional chain has been previously insured the charge was increased to $75. There is an increased charge for insuring 2 or more lots in a single tract in different ownership within last 5 years from $50 to $75.

Item 3-Cancellation-Inactive Orders: Extension from 80 days to 90 days for credits allowed on subsequent orders after a cancellation.

Section C: Definitions             

Standard Coverage Exceptions: Adjustments to the standard exceptions for owners polices and loan policies. See Standard Coverage Exceptions for specifics.

Section E: Schedule of Charges for Policies

Item 1: Basic Schedule of Charges: Adjustments to the minimum charge from $200 to $215, and the per thousand charges for premiums was increased. See chart for specifics.

Section F: Owner’s Policies           

Item 4: ALTA Homeowner’s Policy: Clarification that the charge is 10% of basic added to the applicable charge and that land must be residential and in a recorded subdivision for Homeowner’s Policy.

Item 6: US Policy form and Datedown: The charge for the datedown endorsement issued after 6 months increased from $75 to $100.

Section G: Loan Policies

The following sentence has been removed: “Reasonable additions to cover interest and anticipated charges up to an additional 30% may be insured as agreed upon between the applicant and the underwriter.”

Item 1(b): Charges: Policy may include up to 25% (instead of 20%) in excess of principal debt to cover interest, foreclosure cost, etc.

Item 2(d): Construction Loans: Addition of option of ALTA 32/33 coverage for periodic disbursements.

Item 3(a): Future Advance: ALTA 11.2 option added.

Item 5: Junior Loan Policies: Slight adjustment to chart format and clarification that insured amount may not exceed $300,000.

Item 6: Expanded Coverage Residential Loan Polices: Clarification that the charge is 10% of basic added to the applicable charge and that land must be residential and in a recorded subdivision for Expanded Coverage Residential Loan Policy.

Simplified One to Four Family Residential Loan Rates: This has been removed from the manual.

SMART Policies: Added four (4) exceptions to be included on all SMART Policies and clarification that property must be in a recorded subdivision.

Section H: Simultaneous Issue

New Simultaneous Rate Chart clarifying charges for multiple policies.

New paragraph to clarify charges insuring single risk covering more than one insured.

Section I: Guarantees

Maximum Fee of 200% has been removed.

Item 1-Trustee’s Sale Guarantee: Endorsement charge to bring effective date forward increased from $40 to $50.

Item 3-Environmental Recorded Document Guarantee: Additional per hour work charge increased from $60 to $75

Item 4-Other Guarantees: Minimum charges for limited searches in subdivisions or from priors increased from $75 to $90; Minimum charges for sectional land or mining increased from $120 to $130.

Item 5-Modification Guarantee: Clarifying paragraph added regarding the issuing of the Modification Guarantee. 

Section J: Miscellaneous

Item 2(a) Reissue Charges, Credits and Additional Fees

Owners Policy: Clarification paragraph regarding pro-rata apportionment of charges when only a portion of prior insured land is being insured.

Loan Policy: Increase from 5 years to 6 years following the issuance of a prior policy.

Owner’s Policy to Loan Policy: Increase from 5 years to 6 years following the issuance of a prior policy. Premium charge is changed from 75% to 50% of Basic Charges.

Standard Exceptions from Coverage: This section was removed from this section of the manual and moved to definitions.

Section L: Endorsements           

Added the following endorsements:

ALTA 18.3 (Single Tax parcel and ID)

ALTA 19.2 (Contiguity - Specified Parcels)

ALTA 23.1 (Co-Insurance - Multiple Parcels)

STG Limited Liability Date Down

Adjusted charges to some CLTA endorsements to match ALTA endorsements charges for same coverages. 

Appendix A: Basic Schedule of Charges Chart           

Updated to reflect the new filed rates as set forth in Section C of the manual.

Agents, please contact PropertyInfo Customer Care or your title production software vendor to get the new forms implemented in your systems.

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.