A big update from our team in #NewYork on the new TIRSA Rate Manual. Stewart Agency Services New York #TitleAgency #TitleInsurance
A new TIRSA Rate Manual goes into effect on October 1, 2024. Thereafter, all underwriters and agents will be prohibited from providing affirmative coverage, additional insurance, or express insurance in the Policy (whether on Schedule B, an endorsement or otherwise) that is not expressly provided in the 2024 rate manual. Most of the affirmative coverages previously provided will be replaced by new endorsements. Please be aware that if you have a transaction that is adjourned past September 30, 2024, that the policy to be issued will need to be revised to reflect the requirements of the new TIRSA Rate Manual. This may include removal of affirmative coverage and addition of endorsements. Some endorsements require additional searches, survey requirements as well as additional charges. The additional requirements and charges may delay closings. Please be sure to advise all parties to any transaction as the effective date approaches. If you have any questions, we encourage you to contact your Stewart Title representative. #stewarttitle #titleinsurance #tirsaratemanual #realestate