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This weeks Tip discusses the much anticipated new 2006 ALTA
Policies of Title Insurance. You may have heard that the current version of the Owners and Loan
Policies of Title Insurance will be decertified on June 17, 2007. What
does this mean? One year ago, on June 17, 2006, the American Land Title
Association (ALTA) Board of Governors released revisions to the
policies, a project that had been in the works for about three years.
These forms are commonly referred to as the 2006 ALTA Policies.
Previously we were all using forms created by ALTA in 1992. The 1992
versions are still available by request, however they have been
"decertified" by ALTA, meaning they are no longer the recommended
or preferred version. It's taken most of the past year for the title
underwriters and agencies to get their systems and procedures in order to
handle the 2006 ALTA Policies and beginning Monday, June 18th, all new title
insurance orders placed should be issued with the new policy forms. What does this mean to you? For starters, the new 2006 ALTA Policies have been somewhat
reworded for clarity, have redefined a few terms, and have overall added
greater coverage and protection for consumers i.e., purchasers and lenders. One significant change you may notice is that some items that
were formerly exceptions from the exclusions from coverage, have been
retitled "Covered Risks." Much to the consternation of ALTA,
courts occasionally misinterpreted the double negative and denied coverage
where it should have been given. Lenders should be pleased to see that the new 2006 ALTA Loan
Policy now contains a checkbox section containing the most common
and frequently requested endorsements, which can be incorporated by
reference into the Loan Policy. Actual copies of these endorsements
will not be sent with the policy, but copies can be given upon request. Should you wish to learn more about other changes in the
new 2006 ALTA Policies and what this means for you and your clients,
please call myself, John Howe, or Doreen Miller. We will gladly
come out to your office to give a presentation to your staff, or send you a
document on the comparisons if you'd like a handy reference at your
desk. We will begin scheduling presentations soon. You can also
stay tuned for future Title Tips detailing the differences between the old
1992 version and new 2006 policy forms.
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clients a free CD at closing containing copies of their closing documents. Give me my policy! Did you know that
lenders and home buyers now receive their title policies at the closing
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Null, VP Escrow Operations, to learn more about this exciting new
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homeowners will want to hear about our fantastically low new refinance rates.
Call today for a quote! Why wait? You can place your
next title order now by clicking here. Sarah
Holdener, joined Benchmark Title Company four years ago as General
Counsel and Vice President of Production Operations. A graduate of St.
Louis University, and the St. Louis University School of Law, Sarah
clerked for Judge Mary K. Hoff on the Missouri Court of Appeals for two
years before joining Benchmark in 2003. New to title insurance at that
time, Sarah worked in each each department learning every position
in the company before assuming management of the Production Department.
In 2005 she was named one of Southern Illinois' Rising Stars, by the Illinois
Business Journal. Sarah live in Shiloh, with her husband, Trey, and her
3 year old twins, Tony and Kate. Sarah can be reached at
618-239-3750 or by email at sholdener@benchmarktitle.net.
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