Spotlight on Cover
Outstanding Rates & Taxes:
A Stewart Title insurance policy provides a wide range of cover, including cover against the loss suffered as a result of outstanding rates and taxes on the property which the insured is now liable for as the current owner of the property.
A recent claim example:
Following settlement, our insured received notification from the Office of State Revenue that there was an outstanding land tax charge on the insured property. The insured’s practitioner failed to obtain a clear land tax certificate prior to settlement due to an oversight.
Stewart Title paid the outstanding land tax plus interest that had accrued, totalling approximately $6,000 and obtained a clear land tax certificate from the Office of State Revenue.
Although the claim was as a result of an error, Stewart Title waived its rights of subrogation under the policy against the conveyancer and did not take subsequent action to recover the outstanding land tax from the conveyancer.
In this real life claim example both the insured and the conveyancer were indemnified under the Stewart Title Insurance policy.
For more information on the benefits of Stewart Title Insurance policies and the practitioners benefits under a free StewartConnect membership program, contact our Business Development Team: