Stewart has kicked off the policy in response to Utah's May 1, 2000 legislation that requires all real estate transactions to have a water conveyance rights report. The need for such a product stems from water shortage and allocation problems that have historically dogged the West.
"Particularly in the western United States today," Ted Jones, director of investor relations tells GlobeSt.com, "water rights are becoming even more valuable than the land underneath it, and they are a market commodity all the way from Colorado to California."This new insurance will decrease the risk inherent to real estate transactions where water rights significantly impact the bottom line.
"We are taking the fact that these water rights conveyance reports are required by Utah," says Joe Knox, president of Stewart Water Information tells GlobeSt.com, "and that we are authorized to prepare them, one step further. We are saying that if we are going to be doing the work and are going to do it right then we should be able to issue insurance on that."
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