FNTIC ALTA Policy Comparisons

ALTA OWNER’S POLICY COMPARISON CHART This comparison chart is intended as a guide to identifying differences between the 2021 and 2006 ALTA policies. It should not be relied upon for the interpretation of these policies. Updated 04-15-2021 ALTA OWNER’S POLICY COMPARISON CHART Page | 13 2006 ALTA OWNER’S POLICY 2021 ALTA OWNER’S POLICY COMPARISON (v. 07-30-2021) COMMENTS (b) To Pay or Otherwise Settle With Parties Other Than the Insured or With the Insured Claimant. (b). To Pay or Otherwise Settle W with Parties Oother Tthan the Insured or W with the Insured Claimant . SAME. (i) to pay or otherwise settle with other parties for or in the name of an Insured Claimant any claim insured against under this policy. In addition, the Company will pay any costs, attorneys’ fees, and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of payment and that the Company is obligated to pay; or (i). toTo pay or otherwise settle with other parties other than the Insured for or in the name of anthe Insured Claimant any claim insured against under this policy. In addition, the Company will pay any costs, attorneys’ fees, and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of payment and that the Company is obligated to pay; or SAME. (ii) to pay or otherwise settle with the Insured Claimant the loss or damage provided for under this policy, together with any costs, attorneys’ fees, and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of payment and that the Company is obligated to pay. (ii). toTo pay or otherwise settle with the Insured Claimant the loss or damage provided for under this policy, together with. In addition, the Company will pay any costs, attorneys’ fees, and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of payment and that the Company is obligated to pay. SAME. Upon the exercise by the Company of either of the options provided for in subsections (b)(i) or (ii), the Company’s obligations to the Insured under this policy for the claimed loss or damage, other than the payments required to be made, shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation. Upon the exercise by the Company of either of the optionsoption provided for in Condition 7.b. subsections (b)(i) or (ii), the Company’s liability and obligations to the Insured under this policy for the claimed loss or damage, other than the payments required to be made, shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation. SAME. 8. DETERMINATION AND EXTENT OF LIABILITY 8. CONTRACT OF INDEMNITY; DETERMINATIONAND EXTENT OF LIABILITY IMPROVED. This policy is a contract of indemnity against actual monetary loss or damage sustained or incurred by the Insured Claimant who has suffered loss or damage by reason of matters insured against by this policy. This policy is a contract of indemnity against actual monetary loss or damage sustained or incurred by thean Insured Claimant who has suffered loss or damage by reason of matters insured against by this policy. This policy is not an abstract of the Title, report of the condition of the Title, legal opinion, opinion of the Title, or other representation of the status of the Title. All claims asserted under this policy are based in contract and are restricted to the terms and provisions of this policy. The Company is not liable for any claim alleging negligence or negligent misrepresentation arising from or in connection with this policy or the determination of the insurability of the Title. SIMILAR. Condition 8 emphasizes that the policy is a contract of indemnity and that the policies are not abstracts of title, reports, legal opinions, opinions of title, or other representations of title. This provision aligns the 2021 policies to the terms of the 2016 Commitment and now the 2021 Commitment. (a) The extent of liability of the Company for loss or damage under this policy shall not exceed the lesser of (a). The extent of liability of the Company for loss or damage under this policy shalldoes not exceed the lesser of: SAME. (i) the Amount of Insurance; or (i). the Amount of Insurance; or SAME. (ii) the difference between the value of the Title as insured and the value of the Title subject to the risk insured against by this policy. (ii). the difference between the fair market value of the Title, as insured, and the fair market value of the Title subject to the riskmatter insured against by this policy. SIMILAR. b. Except as provided in Condition 8.c. or 8.d., the fair market value of the Title in Condition 8.a.ii . is calculated using the date the Insured discovers the defect, lien, encumbrance, adverse claim, or other matter insured against by this policy. SIMILAR. This provision of the 2021 ALTA Owner’s Policy identifies the appropriate date for determining the amount of loss under most circumstances.