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Home States Indiana ALTA 2008 Policy in Indiana
ALTA 2008 Policy in Indiana PDF Print E-mail
Written by By: Chicago Title Insurance Company   

The American Land Title Association has promulgated an updated homeowner’s policy effective January 1, 2008 which is now available. This policy only supersedes the ALTA 1998 Homeowner’s Policy but has no impact on the issuance of the 2006 forms of policy. Many of the changes are cosmetic in nature. For ease of reference, in this article we will enumerate those changes by sections of the policy.


Owner’s Information Sheet - Page 1

The primary changes to this page are references to the page numbers in the balance of the policy. For example, exclusions were on page 2 of the 1998 version but are now on page 9. This information is now shown on a separate page rather than being included on the Table of Contents page as was the case with the 1998 version.


Table of Contents - Page 2

The table of contents is also now on a separate page.  There is an added Condition of Choice of Law, and the page numbers have changed.


Owner’s Coverage Statement - Page 3

At the top of this page, there is a requirement, in bold print, that we be notified promptly in the event of a possible claim. Again the number references have changed.






Covered Risks (“CR”) - Pages 3 - 6

CR 6 now contains subparagraphs as examples of the types of risks that are covered. Please note that subparagraph c of CR 6 is the old CR 27 of the 1998 version. Added to CR 8 is coverage for delinquent taxes or assessments. CR 12 now has exceptions from coverage for obligations to repair a violation of covenants or environmental defects unless there is a recorded notice of a violation. CR 14 is new and assures the insured that there are no violations or enforcement action of certain governmental regulations, but only if a notice of a violation or enforcement action has been recorded. Note that Exclusion 1 provides that there is no coverage for these same matters if there is not a recorded notice of a violation.  CR 15 is new and provides coverage for an enforcement action not included within the CR 14 coverage based upon the exercise of a governmental police power if a notice of the enforcement action is recorded. This coverage could include, for example, orders to board or repair. CR 17 is new and provides coverage for condemnation actions if a notice is recorded or the condemnation occurred prior to the policy date and is still binding on the insured. CR 30 is new and is creditors’ rights coverage for prior transfers.  Due to the additional Covered Risks, the numbers of the Covered Risks which contain a deductible amount and maximum amount of liability have been renumbered.


Exclusions—Page 9

As was done with the 2006 policy, the exceptions to the exclusions in the 1998 policy have now been added as covered risks. For example, the 1998 exclusion number 1 relating to governmental policy power contained an exception from the exclusion if the violation was recorded. Now, that exception has been converted to affirmative coverage under CR 14 and CR 15.


Conditions—Pages 10-14

In conformity with the 2006 policy, Condition 6b now gives the insured a 10% increase in the amount of insurance if the company is unsuccessful in pursuing legal action to resolve a claim. This is in addition to the automatic 10% increase in the amount of insurance in the first five years after the policy date which is provided for in Condition 9. Actual loss can be determined as of the date the claim is made or settled at the option of the insured. Condition 12 now states that the Choice of Law is the state in which the land is located.  Schedules A and B have not changed. You may begin issuing the policy now. Please remember to adjust your commitment accordingly to reflect that the 2008 Homeowner’s Policy will be issued. It should appear above the Amount of Insurance as “ALTA 2008 Homeowner’s Policy (1-1-08). It is anticipated that, as with its past practice, ALTA will withdraw the 1998 policy early next year.