StewartPROTECT™ is an enhancement to Stewart Title’s residential Gold Comprehensive Protection Owner and Lender Policies and is obtained through an endorsement called a Closing Protection Letter.
This Closing Protection Letter is designed to cover losses sustained by an insured that arise from situations where the representing lawyer commits an error or omission in providing legal services, and where such error or omission affects the title to the insured property or the right to the use and enjoyment of the insured property and for which liability is imposed by law.
The benefit of obtaining StewartPROTECT™
Stewart Title’s Gold Comprehensive Protection Owner and Lender Policies provide extensive coverage for the majority of matters that could give rise to losses in residential real estate transactions, including coverage for title defects, liens and encumbrances, existing work orders, and defective registration of title documents.
There are some matters however, that arise due to a lawyer’s negligence that may lead to an insured experiencing losses that are not covered under the covered title risks of a title insurance policy. StewartPROTECT™ is designed for those insureds who desire the peace of mind of additional protection against a lawyer’s negligence.
Coverage provided by StewartPROTECT™
StewartPROTECT™ virtually eliminates the possibility that an insured owner or lender would have to sue their lawyer to obtain compensation for a lawyer’s negligence for matters not otherwise covered under a title insurance policy. Instead, the insured can look to Stewart Title for efficient claims handling and resolution in accordance with the legal obligations under the policy.
In particular, StewartPROTECT™ can protect against losses due to:
- Errors in advice regarding the terms of the Agreement of Purchase and Sale
- Improper adjustments of items listed on the Statement of Adjustments
- Failure to conduct the necessary off title searches
How to order StewartPROTECT™
StewartPROTECT™ is an optional endorsement issued for either purchase or refinance residential property transactions and is available in Ontario and the Maritime provinces (New Brunswick, Nova Scotia and P.E.I.) for a nominal fee. It can be ordered via:
- STEPS™
- STEPS™/The Conveyancer® Integrated (Ontario)
- Phone
- Fax
By combining Stewart Title’s traditional Gold Comprehensive Protection Owner and Lender Policies with the protection of StewartPROTECT™, lawyers and their clients can confidently close residential real estate transactions knowing that their interests are properly protected by the most comprehensive title policy available.
For more information about StewartPROTECT™ including pricing, please contact your business development specialist or the Toronto or Halifax office.