Stewart Title Guaranty Company
P. O. Box 2029 Houston, Texas 77252-2029 (800) 729-1902
|Date:||July 25, 2012|
|To:||All Oregon Issuing Offices|
This Bulletin is sent to advise you of the approval of the STG Environmental Protection Lien Endorsement by the Oregon Division of Insurance. The effective date of the approval is June 14, 2012.
On March 19, 2012, Section 10.208 of the OTIRO Oregon Rating Manual was amended. Prior to March 19, 2012, the manual provided that either OTIRO Endorsement Form 208.1-06 or OTIRO Endorsement Form 208.2-06 could be issued with a loan policy. There was no restriction on the type of transaction either endorsement could be issued with, despite the fact that there is a rate difference for these endorsements. The manual now provides that OTIRO Endorsement 208.1-06 may be issued only for a Loan Policy covering a one-to-four family dwelling. It also provides that OTIRO Endorsement 208.2-06 may be issued for a Loan Policy or an owner's policy on land other than a one-to-four family dwelling.
Stewart Title Guaranty Company ("Stewart") filed the STG Environmental Protection Lien Endorsement which mirrors the OTIRO Endorsement 208.1-06 in content; however, the Stewart form is intended for use on multi-family projects. Specifically, the form can be utilized for complexes that include dwelling units that are not being used for commercial purposes, but may not fall within the "owner occupied" or one-to-four restriction (such as apartment buildings). These complexes contain units occupied by individual(s) who are leasing a unit as a private residence, however, the individual(s) may be leasing the unit from the actual owner of the complex.
There is no charge to issue the STG Environmental Protection Lien Endorsement. The form number is STG Endorsement 208.1-06.
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.