GUIDE TO TITLE INSURANCE POLICY ENDORSEMENTS - Old Republic Title
GUIDE TO TITLE INSURANCE
POLICY ENDORSEMENTS
Revised December 29, 2016
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This guide has been prepared by Old Republic Title Company (Company) to provide a basic directory of title insurance policy endorsements. It does not contain a complete list of all the available endorsements, nor should this guide be thought of as modifying coverage of any policy or endorsement in any way or as an offer on behalf of the Company to issue any policy or endorsement.
Revised December 29, 2016
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TABLE OF CONTENTS
INTRODUCTION ....................................................................................................................................... 4
CLTA AND ALTA ENDORSEMENTS
STREET ASSESSMENTS SERIES ............................................................................................................. 6 RESTRICTIONS (CC&R's) SERIES .......................................................................................................... 6 CONSTRUCTION SERIES ........................................................................................................................ 8 EASEMENT SERIES .................................................................................................................................. 9 DEED OF TRUST/ASSIGNMENT SERIES ............................................................................................ 10 POLICY MODIFICATION SERIES ......................................................................................................... 10 ALLOCATION OF LIABILITY SERIES ................................................................................................. 11 ADDITIONAL ADVANCE SERIES ........................................................................................................ 11 MODIFICATION SERIES ........................................................................................................................ 12 RECONVEYANCE, SUBORDINATION, INTEREST RATE, ENFORECEABILITY SERIES ........... 13 REVENUE BOND SERIES ...................................................................................................................... 14 CO-INSURANCE SERIES ....................................................................................................................... 14 CONDOMINIUM/PLANNED UNIT DEVELOPMENT SERIES ........................................................... 14 DESCRIPTION SERIES ........................................................................................................................... 15 AGGREGATION/TIE-IN SERIES ........................................................................................................... 16 LEASEHOLD SERIES .............................................................................................................................. 16 CONSTRUCTION LOAN ADVANCE SERIES ...................................................................................... 16 ZONING SERIES ...................................................................................................................................... 17 COVENANTS ARE BINDING SERIES .................................................................................................. 17 NONIMPUTATION SERIES .................................................................................................................... 17 MEZZANINE FINANCING SERIES ....................................................................................................... 18 TAX PARCEL SERIES ............................................................................................................................. 18 FIRST LOSS SERIES ................................................................................................................................ 18 USURY SERIES ........................................................................................................................................ 18 DOING BUSINESS SERIES .................................................................................................................... 19 INTEREST RATE SWAP SERIES ............................................................................................................ 19 ONE TO FOUR FAMILY SERIES ........................................................................................................... 19 SEVERABLE IMPROVEMENTS SERIES .............................................................................................. 19 CONSTRUCTION LOAN SERIES .......................................................................................................... 20 DISBURSEMENT SERIES ....................................................................................................................... 20 IDENTIFIED RISK COVERAGE SERIES .............................................................................................. 20 MINERALS AND OTHER SUBSURFACE SUBSTANCES SERIES .................................................... 20
Revised December 29, 2016
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POLICY AUTHENTICATION SERIES ................................................................................................... 21 WATER SERIES ....................................................................................................................................... 21 COMMERCIAL LENDER GROUP SERIES ........................................................................................... 21 ANTI-TAINT SERIES .............................................................................................................................. 21 INSURED MORTGAGE RECORDING SERIES .................................................................................... 22 TAX CREDIT SERIES .............................................................................................................................. 22 PARI PASSU MORTGAGE SERIES ....................................................................................................... 22 OPTION SERIES ....................................................................................................................................... 22
ORT ENDORSEMENTS
ORT ENDORSEMENTS ........................................................................................................................... 23
EQUIVALENTS
CLTA/ALTA EQUIVALENTS.................................................................................................................. 25 ALTA/CLTA EQUIVALENTS.................................................................................................................. 26
Revised December 29, 2016
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INTRODUCTION
An endorsement can be defined as a rider that modifies a title insurance policy. Most often an endorsement will have the effect of expanding the scope of policy coverage. However, a policy may also be endorsed to limit coverage. Although all title policies can be endorsed, not all endorsements are intended to be issued with all policies. Some endorsements apply to owners policies while others are appropriate to loan policies with yet others being equally applicable to both, but not necessarily with standard and extended coverage policies.
Old Republic National Title Insurance Company, issues policies and endorsements promulgated by the American Land Title Association (ALTA) and the California Land Title Association (CLTA) as well as its own "ORT" forms.
ALTA is the nationwide association of the title insurance industry. Its members include title insurers, title agents, attorneys and other affiliated professionals. ALTA serves as an advocate on behalf of its members and the industry's interest, provides education and information to its members and the industry's interest, provided education and information to its members and creates and promotes professional industry standards. ALTA also promulgates uniform title insurance policies and endorsements for use by its members on a national basis.
CLTA is the California association of thee title insurance industry. Its members also include title insurers, title companies, attorney's and affiliated professionals. CLTA offers services to its members, provides a unified voice on legislative and regulatory issues and adopts, develops and publishes standardized title insurance forms.
The primary types of title insurance policies issued by the Company are the CLTA Standard Coverage Policy, CLTA/ALTA Homeowner's Policy of Title Insurance, ALTA Owner's Policy (2006) and ALTA Loan Policy (2006).
The CLTA Standard Coverage Policy, as its name would imply, is a standard coverage policy. The ALTA Owner's and ALTA Loan Policies may be issued in either standard coverage or extended form. The CLTA/ALTA Homeowner's Policy of Title Insurance is distinct from both the CLTA and ALTA forms as it may insure only a one to four unit residential structure where the insured is a natural person. It is often referred to as an expanded coverage policy.
The difference between "standard coverage" and "extended coverage" can be thought of, in simplistic terms, as the difference between "record coverage", being insurance against those matters covered by the policy disclosed by an examination of the public records and "off record coverage" being those covered matters disclosed by an inquiry, inspection and survey.
As noted above the ALTA Owner's Policy and ALTA Loan Policy may be issued in either standard or extended coverage form. Structurally the distinction between standard and extended coverage is not the policy from, but the inclusion of the six "standard exceptions", sometimes called "western regional exceptions" or "pre-printed exceptions", in the policy. Thus, it is the exceptions to coverage in an ALTA Owner's or Loan Policy that dictate whether the policy is written in standard or extended coverage form.
Revised December 29, 2016
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