CLTIC 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 | 1 2006 ALTA LOAN POLICY 2021 ALTA LOAN POLICY COMPARISON (v. 7-30-2021) COMMENTS American Land Title Association Loan Policy Adopted 6-17-06 American Land Title Association Loan Policy Adopted 6-17-06 2021 v. 01.00 (07-01-2021) These policies are referred to respectively as the 2006 ALTA Loan Policy and the 2021 ALTA Loan Policy. Reference to 2006 ALTA policies or 2021 ALTA policies refers to both Owner’s and Loan Policies. LOAN POLICY OF TITLE INSURANCE Issued By BLANK TITLE INSURANCE COMPANY ALTA LOAN POLICY OF TITLE INSURANCE Issued By issued by BLANK TITLE INSURANCE COMPANY SAME. This policy, when issued by the Company with a Policy Number and the Date of Policy, is valid even if this policy or any endorsement to this policy is issued electronically or lacks any signature. ADDED COVERAGE. This clause is similar to ALTA 39[-06] (Policy Authentication), which agrees that the Company will not deny liability under the policy or any endorsements issued with the policy solely on the grounds that the policy or endorsements were issued electronically or lack signatures in accordance with the Conditions. Any notice of claim and any other notice or statement in writing required to be given to the Company under this Policy must be given to the Company at the address shown in Section 17 of the Conditions. Any notice of claim and any other notice or statement in writing required to be given to the Company under this Policypolicy must be given to the Company at the address shown in Section 17 of the ConditionsCondition 16. SAME. This clause is designed to help direct the Insured to the appropriate section (Condition 16 of the 2021 ALTA Loan Policy) so the Insured will know where to file a notice of claim or any other notice to be given to the insurer. COVERED RISKS COVERED RISKS SAME. The term “Covered Risks” descriptively designates matters covered under the policy. SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B, AND THE CONDITIONS, BLANK TITLE INSURANCE COMPANY, a Blank corporation (the “Company”) insures as of Date of Policy and, to the extent stated in Covered Risks 11, 13, and 14, after Date of Policy, against loss or damage, not exceeding the Amount of Insurance, sustained or incurred by the Insured by reason of: SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B, AND THE CONDITIONS, [ BLANK TITLE INSURANCE COMPANYBlank Title Insurance Company ] , a [ Blank ] corporation (the “Company”), insures as of the Date of Policy and, to the extent stated in Covered Risks 11, 13, and 14, after the Date of Policy, against loss or damage, not exceeding the Amount of Insurance, sustained or incurred by the Insured by reason of: SAME. The lead-in provisions are substantively the same. 1. Title being vested other than as stated in Schedule A. 1. The Title being vested other than as stated in Schedule A. SAME. 2. Any defect in or lien or encumbrance on the Title. This Covered Risk includes but is not limited to insurance against loss from 2. Any defect in or lien or encumbrance on the Title. This Covered Risk 2 includes, but is not limited to, insurance against loss from: ADDED COVERAGE. The 2021 ALTA Loan Policy continues to provide a non-exhaustive list of coverages, but has added some additional coverage descriptions to that list of items. (a) A defect in the Title caused by (a). Aa defect in the Title caused by: SAME. (i) forgery, fraud, undue influence, duress, incompetency, incapacity, or impersonation; (i). forgery, fraud, undue influence, duress, incompetency, incapacity, or impersonation; SAME. (ii) failure of any person or Entity to have authorized a transfer or conveyance; (ii). the failure of anya person or Entity to have authorized a transfer or conveyance; SAME. (iii) a document affecting Title not properly created, executed, witnessed, sealed, acknowledged, notarized, or delivered; (iii). a document affecting the Title not properly authorized, created, executed, witnessed, sealed, acknowledged, notarized (including by remote online notarization), or delivered; IMPROVED COVERAGE. Covered Risk 2.a.iii. of the 2021 ALTA Loan Policy clarifies coverage by adding “authorized” and by including remote online notarization in the scope of notarization. Covered Risks 2.a.iii., 2.a.iv ., and 2.a.vi . of the 2021 ALTA Loan Policy make it clear that certain aspects of electronic transactions are covered by the policy. (iv) failure to perform those acts necessary to create a document by electronic means authorized by law; (iv). a failure to perform those acts necessary to create a document by electronic means authorized by law; SAME.