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Policy Endorsments

 
 
First Loss
For losses exceeding ten percent of the Amount of Insurance, the Company will not require, prior to making a claim, either acceleration of the indebtedness or the exercise of remedies against other collateral.

Requirements: Insured in connection with multi-site transactions (Loan Policy).

Industrial Development Agency or Similar Public Benefit Corporation
Transfer to Insured Beneficial Owner

Affords the benefits of a policy issued to an IDA (or similar Public Benefit Corporation) as of its original date to its grantee provided that the grantee is the "Beneficial Owner" of the property conveyed to the IDA (or similar Public Benefit Corporation) or its nominee.

Requirements: None (Owner's Policy).

Joint and Several Liability
Coinsuring title insurers jointly and severally assume up to a specified amount of loss.

Requirements: Coinsured transaction (Owner's and Loan Policies).

Junior Loan Policy Endorsement 1
Endorsement 1 updates a Residential Limited Coverage Junior Loan Policy/Short Form Residential Limited Coverage Junior Loan Policy to include recording information for the mortgage and provide limited gap coverage. Endorsement 2, intended to be issued with each Policy, affords variable rate and revolving credit insurance.

Requirements: Issued in conjunction with a Residential Limited Coverage Junior Loan Policy or Short Form Policy, which insures a second or other junior mortgage lien on a one-to-four family residence or condominium unit for an amount not to exceed $150,000.

Junior Loan Policy Endorsement 2
Endorsement 1 updates a Residential Limited Coverage Junior Loan Policy/Short Form Residential Limited Coverage Junior Loan Policy to include recording information for the mortgage and provide limited gap coverage. Endorsement 2, intended to be issued with each Policy, affords variable rate and revolving credit insurance.

Requirements: Issued in conjunction with a Residential Limited Coverage Junior Loan Policy or Short Form Policy, which insures a second or other junior mortgage lien on a one-to-four family residence or condominium unit for an amount not to exceed $150,000.

Land Same As Survey
Insures that the legal description of the insured land is the same as that delineated on a specified survey.

Requirements: An updated, certified survey (Owner's and Loan Policies).

Last Dollar
Insured mortgage secures less than the full amount of a credit facility, payment made to reduce the amount of indebtedness are deemed applied for the first portion of the indebtedness that is in excess of the Amount of Insurance set forth in Schedule A of the policy.

Requirements: Mortgage must be reviewed to ensure that the secured amounts are to be repaid last and are not to be readvanced. (Loan Policy).

Leasehold - Loan Policy
Amends the policy to define a leasehold estate and to provide a means to determine its value in the event of a loss.

Requirements: None (Owner's and Loan Policies).

Leasehold - Owners Policy
Amends the policy to define a leasehold estate and to provide a means to determine its value in the event of a loss.

Requirements: None (Owner's and Loan Policies).

Limited Liability Company (LLC)
Limited Liability Partnership (LLP)

Extends the benefits of the policy as of its original date to a LLC or LLP succeeding to the interest of the Insured by operation of law.

Requirements: Need proof of conversion to a LLC or a LLP (Owner's Policy)

Manufactured Housing Unit
The term "land" as defined in the policy is amended to include a manufactured housing unit.

Requirements: Manufactured housing is to be located on the land at Date of Policy. (Owner's and Loan Policies).

Market Value Policy Rider
Policy insures against loss or damage not exceeding the market value of the premises at the time of loss.

Requirements: The insured must be a natural person in occupancy of residential property containing no more than four dwelling units, including a residential condominium or cooperative unit. (Owner's Policy).

Market Value Rider (Owner's Extended Protection)
Policy insures against loss or damage not exceeding the market value of the premises at the time of loss.

Requirements: The insured must be a natural person in occupancy of residential property containing no more than four dwelling units, including a residential condominium or cooperative unit (Owner's Policy).

Mezzanine Financing
Provides for payment of a loss under an Owner's policy insuring a real property owning entity or lessee to be made to a Mezzanine Lender pledged partnership or membership interests in that entity. Affords the lender a form of "Fairway", "First Loss", and "Non-Imputation" endorsement coverage.

Requirements: Attach to the Owner's policy insuring the real property owner or lessee. The insured under the Owner's policy must countersign the endorsement.

Mortgage Tax
Insures against loss or damage sustained by the insured if all mortgage recording tax for the insured mortgage has not been paid.

Requirements: Mortgage and related documents must be reviewed (Loan Policy).
 

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