Virtual Underwriter

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Bulletin: NY000709

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Bulletin: NY000709

Bulletin Document
Date: September 19, 2024
To: All New York State Agents, Office Counsel, and Managers
RE: 10/1/2024 AMENDED High Liability/ Over Limit Policy Approval Procedures – New Form

In addition to your contractual obligations relating to liability limits, effective 10/1/2024, the TIRSA Rate Manual in New York State includes new endorsements that the New York State Department of Financial Services requires underwriter approval. These endorsements are listed as Special Risk in section 33 of the 10/1/2024 Rate Manual. To make this process easier, we have changed the over-limits form. Please review these procedures and do not hesitate to contact us at 212-922-0050 if you have any questions. 

Please immediately begin using this form for all transaction requiring approval, including transaction for applications prior 10/1/2024 with anticipated closing dates post 10/1/2024.

Request Form (NEW):

The NEW form for High-Li/ Over-Limit Policy Requests is in the Stewart Agent Resource Center at http://www.stewart.com/new-york. The form is located in the "Forms & Requests" section and is available in PDF and Word format. Please note: the updated form is specific to transactions located in New York State only.

Policy Approval Form (PDF)
Policy Approval Form (WORD)

How to Access the Stewart Agent Resource Center:

Please go to http://www.stewart.com/new-york
Click on "Agent Login".
Enter your Agent ID Number as your password.
If you do not know your Agent ID No., please call 212-922-0050.

Sending a Request:

When sending a request, we ask that all high-li/over-limit policy request forms be emailed to HighLiPolicy@stewart.com or faxed to 212-983-1133 . The centralization of this process will allow us to process your requests more efficiently.

Once the request is assigned to counsel, you will receive a confirmation email advising of the contact information of the counsel working on your request. Don't hesitate to contact the assigned counsel with any questions.

Please Note: only a New York State Underwriting Counsel can approve NYS transactions. Completing a policy approval form and receiving the appropriate written approval is required to close any qualifying transaction, as outlined in the bulletins above.

If you have any questions, please contact the Stewart Title Legal Department at 212-922-0050 and speak with any Underwriting Counsel.

For online viewing of this and other bulletins, please log onto www.vuwriter.com.

Forms: Policy Approval Form (PDF); Policy Approval Form (WORD); FC Checklist; FC Certification

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