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 | 14 2006 ALTA OWNER’S POLICY 2021 ALTA OWNER’S POLICY COMPARISON (v. 07-30-2021) COMMENTS c. If, at the Date of Policy, the Title to all of the Land is void by reason of a matter insured against by this policy, then the Insured Claimant may, by written notice given to the Company, elect to use the Date of Policy as the date for calculating the fair market value of the Title in Condition 8.a.ii. IMPROVED COVERAGE. This new provision allows an insured owner to select an alternative date for determining loss in the event that their title in void at Date of Policy. (b) If the Company pursues its rights under Section 5 of these Conditions and is unsuccessful in establishing the Title, as insured, (b)d. If the Company pursues its rights under Section 5 of these ConditionsCondition 5.b. and is unsuccessful in establishing the Title, as insured,: SAME. (i) the Amount of Insurance shall be increased by 10%, and (i). the Amount of Insurance shallwill be increased by 1015%,; and IMPROVED COVERAGE. The 2006 ALTA Owner’s Policy provides that the Amount of Insurance will be increased by 10% if the Company is unsuccessful in establishing the Title as insured. The 2021 ALTA Owner’s Policy provides that the Amount of Insurance will be increased by 15% if the Company is unsuccessful in establishing the Title as insured. (ii) the Insured Claimant shall have the right to have the loss or damage determined either as of the date the claim was made by the Insured Claimant or as of the date it is settled and paid. (ii). the Insured Claimant may, by written notice given to the Company, elect, as an alternative to the dates set forth in Condition 8.b. or, if it applies, 8.c., to use either the date the settlement, action, proceeding, or other act described in Condition 5.b. is concluded or the date the notice of claim required by Condition 3 is received by the Company as the date for calculating the fair market value of the Title in Condition 8.a.ii. shall have the right to have the loss or damage determined either as of the date the claim was made by the Insured Claimant or as of the date it is settled and paid. IMPROVED COVERAGE. New Condition 8.b. provides additional choices for the Insured to choose the date for determining the amount of the loss or damage, and revised Condition 8.c.ii. establishes a third alternative date as of the date the settlement action, proceeding, or other act is concluded. (c) In addition to the extent of liability under (a) and (b), the Company will also pay those costs, attorneys’ fees, and expenses incurred in accordance with Sections 5 and 7 of these Conditions. (c)e. In addition to the extent of liability for loss or damage under (a) and (b)Conditions 8.a. and 8.d., the Company will also pay thosethe costs, attorneys’ fees, and expenses incurred in accordance with Sections 5 and 7 of these ConditionsConditions 5 and 7. SAME. 9. LIMITATION OF LIABILITY 9. LIMITATION OF LIABILITY SAME. These sections are substantively the same, minor changes have been made in the 2021 ALTA policies for easier readability. (a) If the Company establishes the Title, or removes the alleged defect, lien, or encumbrance, or cures the lack of a right of access to or from the Land, or cures the claim of Unmarketable Title, all as insured, in a reasonably diligent manner by any method, including litigation and the completion of any appeals, it shall have fully performed its obligations with respect to that matter and shall not be liable for any loss or damage caused to the Insured. (a). If theThe Company fully performs its obligations and is not liable for any loss or damage caused to the Insured if the Company accomplishes any of the following in a reasonable manner: SIMILAR. The paragraph has been reordered to improve readability. i. establishes the Title, or removes the alleged defect, lien, or encumbrance, adverse claim, or other matter; or SAME. ii. cures the lack of a right of access to or and from the Land;, or SAME. iii. cures the claim of Unmarketable Title, SAME. all as insured, in a reasonably diligent manner. The Company may do so by any method, including litigation and the completion of any appeals, it shall have fully performed its obligations with respect to that matter and shall not be liable for any loss or damage caused to the Insured. SAME.