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). |
| |
|
<< Prev
Page: 2
Next
>>
|
