FNTIC ALTA Policy Comparisons

ALTA LOAN 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 07-14-2021 ALTA LOAN POLICY COMPARISON CHART Page | 15 2006 ALTA LOAN POLICY 2021 ALTA LOAN POLICY COMPARISON (v. 7-30-2021) COMMENTS In the event the Company is unable to determine the amount of loss or damage, the Company may, at its option, require as a condition of payment that the Insured Claimant furnish a signed proof of loss. The proof of loss must describe the defect, lien, encumbrance, or other matter insured against by this policy that constitutes the basis of loss or damage and shall state, to the extent possible, the basis of calculating the amount of the loss or damage. In the event the Company is unable to determine the amount of loss or damage, theThe Company may, at its option, require as a condition of payment that the Insured Claimant furnish a signed proof of loss. The proof of loss must describe the defect, lien, encumbrance, adverse claim, or other matter insured against by this policy that constitutes the basis of loss or damage and shallmust state, to the extent possible, the basis of calculating the amount of the loss or damage. The 2021 ALTA policies do not condition the right of the Company to require a signed proof on its inability to determine the amount of loss or damage. 5. DEFENSE AND PROSECUTION OF ACTIONS 5. DEFENSE AND PROSECUTION OF ACTIONS SIMILAR. (a) Upon written request by the Insured, and subject to the options contained in Section 7 of these Conditions, the Company, at its own cost and without unreasonable delay, shall provide for the defense of an Insured in litigation in which any third party asserts a claim covered by this policy adverse to the Insured. This obligation is limited to only those stated causes of action alleging matters insured against by this policy. The Company shall have the right to select counsel of its choice (subject to the right of the Insured to object for reasonable cause) to represent the Insured as to those stated causes of action. It shall not be liable for and will not pay the fees of any other counsel. The Company will not pay any fees, costs, or expenses incurred by the Insured in the defense of those causes of action that allege matters not insured against by this policy. (a). Upon written request by the Insured, and subject to the options contained in Section 7 of these ConditionsCondition 7, the Company, at its own cost and without unreasonable delay, shallwill provide for the defense of an Insured in litigation in which any third party asserts a claim covered by this policy adverse to the Insured. This obligation is limited to only those stated causes of action alleging matters insured against by this policy. The Company shall havehas the right to select counsel of its choice (subject to the right of the Insured to object for reasonable cause) to represent the Insured as to those statedcovered causes of action. It shallThe Company is not be liable for and will not pay the fees of any other counsel. The Company will not pay any fees, costs, or expenses incurred by the Insured in the defense of those causesany cause of action that allegealleges matters not insured against by this policy. SIMILAR. (b) The Company shall have the right, in addition to the options contained in Section 7 of these Conditions, at its own cost, to institute and prosecute any action or proceeding or to do any other act that in its opinion may be necessary or desirable to establish the Title or the lien of the Insured Mortgage, as insured, or to prevent or reduce loss or damage to the Insured. The Company may take any appropriate action under the terms of this policy, whether or not it shall be liable to the Insured. The exercise of these rights shall not be an admission of liability or waiver of any provision of this policy. If the Company exercises its rights under this subsection, it must do so diligently. (b). The Company shall havehas the right, in addition to the options contained in Section 7 of these ConditionsCondition 7, at its own cost, to institute and prosecute any action or proceeding or to do any other act that, in its opinion, may be necessary or desirable to establish the Title or the lien of the Insured Mortgage, as insured, or to prevent or reduce loss or damage to the Insured. The Company may take any appropriate action under the terms of this policy, whether or not it shall beis liable to the Insured. The Company’s exercise of these rights shallis not be an admission of liability or waiver of any provision of this policy. If the Company exercises its rights under this subsection,Condition 5.b., it must do so diligently. SIMILAR. (c) Whenever the Company brings an action or asserts a defense as required or permitted by this policy, the Company may pursue the litigation to a final determination by a court of competent jurisdiction, and it expressly reserves the right, in its sole discretion, to appeal any adverse judgment or order. (c). WheneverWhen the Company brings an action or asserts a defense as required or permitted by this policy, the Company may pursue the litigation to a final determination by a court of competenthaving jurisdiction, and it expressly. The Company reserves the right, in its sole discretion, to appeal any adverse judgment or order. SIMILAR. 6. DUTY OF INSURED CLAIMANT TO COOPERATE 6. DUTY OF INSURED CLAIMANT TO COOPERATE SIMILAR. (a) In all cases where this policy permits or requires the Company to prosecute or provide for the defense of any action or proceeding and any appeals, the Insured shall secure to the Company the right to so prosecute or provide defense in the action or proceeding, including the right to use, at its option, the name of the Insured for this purpose. (a). In all cases whereWhen this policy permits or requires the Company to prosecute or provide for the defense of any action or proceeding and any appeals, the Insured shallwill secure to the Company the right to so prosecute or provide defense in the action or proceeding, including the right to use, at its option, the name of the Insured for this purpose. SAME.