There is a wide range of endorsements available for owner’s title insurance policies. In this article, we are going to walk through a few endorsements that are commonly used in an owner’s title insurance policy.
Access Endorsements (Direct & Indirect)
This 2006 ALTA endorsement insures that the property described in Schedule A is contiguous to and has actual vehicular and pedestrian access to a specifically identified physically open and publicly maintained street, using existing curb cuts or entry points. This endorsement supplements the standard ALTA policy language that affirmatively insures that the parcel is not landlocked. The Indirect Access endorsement insures actual vehicular and pedestrian access to a specifically identified physically open and publicly maintained street across an insured easement. A survey or other evidence (such as a plat if the property has been subdivided) may be required to establish these facts.
Co-Insurance Single Policy Endorsement
This endorsement is issued by a co-insurer if a lead co-insurer (the “Issuing Co-Insurer”) prepares and issues a policy. The other co-insurers then issue the Co-Insurance Endorsement, which is attached to the policy of Issuing Co-Insurer and which incorporates the terms of the policy of the Issuing Co-Insurer. The co-insurers do not prepare or issue separate policies. The Endorsement sets forth the names and addresses of the co-insurers, the policy number assigned by each co-insurer (and the file number also may be shown), applicable amount of insurance assumed by the co-insurer and proportion of liability assumed by the co-insurer.
These endorsements provide affirmative coverage that the parcel or parcels are contiguous. The ALTA 19 Endorsement insures that boundaries of two separate parcels, both of which are included in the insured legal description, are contiguous. The ALTA 19.1 Endorsement confirms contiguity between the insured land and an adjacent described parcel or roadway. The ALTA 19.2 Endorsements allows for the description of specific parcels (for example, Parcels 1 and 2) and insures against loss resulting from gaps or gores lying within, as well as between, the specified parcels. An alternative (not ALTA) endorsement is available which insures that a single described parcel is internally contiguous.
Expert Help for Your Commercial Real Estate Needs
For more information about these and other endorsements, request our endorsement book. Commercial Partners Title Company can provide you with expert help for your next commercial real estate transaction. Our experts have decades of experience that we put to use on every single transaction we facilitate. Contact us today to learn more about our services and how we can help you through the specific details of your commercial title transaction. You can find us at our main office in downtown Minneapolis, but we also work with clients throughout the United States.