“Blanket Exceptions” and Expedited Searches-- Wisconsin
On June 24, 2014, the Wisconsin Office of the Commissioner of Insurance sent a Bulletin Regarding Use of Blanket Exceptions in Consumer Title Insurance Policies to all Title Insurance Underwriters advising them that they are not allowed to include “Blanket Exceptions” in policies issued to non-lenders (consumers) or owners. Such exceptions (e.g. “Covenants, conditions, restrictions, easements, leases, grants and exceptions or reservations for mineral rights, if any, appearing in the public record”) are considered to be "misleading because the benefits are too restricted to achieve the purposes of title insurance."
This notification has no effect on our operations or rate filings because the use of these “Blanket Exceptions” has never been authorized for use in non-lender (consumer) or owners policies.
ATG Rate filings provide for a reduced fee for “Expedited Searches.” Section II C. 1. Of our Rates and Rules Filing provides as follows:
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C. Residential Refinance Loan Policy Rate
1. Expedited Searches
A residential property owner that refinances their existing mortgage debt with the same or different lender shall be charged at the following rate where the search is expedited:
Amount of Insurance Expedited Search Rate
First $500,000 $325.00
Over $500,000 add $1.00 per thousand
An expedited search does not include a search of easements and restrictions. The Loan Policy must include a general exception as to lack of coverage for easements and restrictions of record. The recommended general exception language will be provided by ATG.
For more, review ATG's instructions for generic exceptions.
Questions? Contact an Underwriter.
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