Property located on or near water boundaries can present unique difficulties. The ALTA water endorsements can be helpful in alleviating some of these difficulties. In this article, we are going to discuss the ALTA 41 series that deals with water endorsements.
ALTA Water Endorsements
This series of endorsement protects the Insured owner against financial loss caused by forced removal or alternation of improvements as a result of the future exercise of existing rights to use the surface of the land to extract or develop water. The structure of the endorsement is very similar to the Mineral Rights Endorsements (ALTA 35-series). Each endorsement defines improvements that are covered in different ways:
- ALTA 41-06: existing buildings
- ALTA 41.1-06: existing “improvements”, including roads, parking, etc.
- ALTA 41.2-06: existing specified improvements
- ALTA 41.3-06: existing and defined future improvements, as reflected on a specified set of plans
If you want to learn more about this and other ALTA endorsements, request a copy of our free endorsement book!
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