News Feed

Policy Endorsements

  • Access
  • Description: Insures against loss sustained by the Insured if the land does not abut on a physically open street.
  • Requirements: The name of the street is to be entered in the endorsement (Loan Policy).
  • Premium: $25.00
  • Additional Interest
  • Description: Insures against loss or damage sustained by reason of a final decree that the mortgage, as it secures additional interest, is invalid or unenforceable or does not share the same priority as is afforded the principal of the loan secured by the mortgage.
  • Requirements: The mortgage must secure amounts defined as "additional interest" (Loan Policy).
  • Premium: The amount of additional interest coverage, as set forth the endorsement, is in addition to the policy amount and is charged at the regular Loan policy rate.
  • Cluster
  • Description: Aggregates the amount of insurance available under several policies insuring the same loan.
  • Requirements:
  • Premium: $25.00
  • Comprehensive (Alta 9) (Restrictions, Encroachments, Minerals)
  • Description: Affords assurance that the unit is part of a validly organized condominium. Insures against outstanding common charges and assessments and any right of refusal to purchase and against the consequences of either an encroachment of a unit or a violation of restrictive covenants.
  • Requirements: Provide any required waiver of a right of first refusal and consent to mortgage. Confirm that there are no outstanding common charges or assessments (Owner's and Loan Policies).
  • Premium: $25.00
  • Contiguity
  • Description: nsures against loss or damage if the parcels of land described in the policy are not contiguous to each other along their common boundary line(s).
  • Requirements: Review of the legal descriptions as identified on an acceptable survey (Owner’s and Loan Policies).
  • Premium: $25.00
  • Contract Vendee (Residential)
  • Description: Insures the validity and enforceability of a contract of sale to purchase commercial property.
  • Requirements: The contract or a memorandum of contract must be recorded (Owner's Policy).
  • Premium: The policy to be issued at regular fee policy premium rates must be for an amount not less than the down payment specified in the contract to an amount not exceeding the contract price and the cost of contemplated improvements and other development and construction costs.
  • Cooperative - Loan Policy
  • Description: Affords assurance that the cooperative corporation is duly formed and holds title to the land and building of which the unit is a part. Insures against outstanding maintenance charges and assessments, and any right of first refusal to purchase. Insures against the consequences of either an encroachment of the building or a violation of restrictive covenants. Provides a means to determine the value of the estate insured in the event of a loss.
  • Requirements: Provide any required waiver of a right of first refusal and consent to a mortgage. Confirm that there are no outstanding maintenance charges or assessments (Owner's and Loan Policies).
  • Premium: No Charge.
  • Cooperative - Owners Policy
  • Description: Affords assurance that the cooperative corporation is duly formed and holds title to the land and building of which the unit is a part. Insures against outstanding maintenance charges and assessments, and any right of first refusal to purchase. Insures against the consequences of either an encroachment of the building or a violation of restrictive covenants. Provides a means to determine the value of the estate insured in the event of a loss.
  • Requirements: Provide any required waiver of a right of first refusal and consent to a mortgage. Confirm that there are no outstanding maintenance charges or assessments (Owner's and Loan Policies).
  • Premium: No Charge.
  • Development Rights (New York City)
  • Description: Insures that all "parties-in-interest" under the Zoning Resolution are bounded by the Declaration of Zoning Lot Restrictions and that the Zoning Lot and Development Agreement ("ZLDA") validly transfers floor area development rights. It also insures an easement for light and air and a negative covenant not to build over and above the transferor's building if provided in the ZLDA.
  • Requirements: All "parties-in-interest" under the New York City Zoning Resolution must join in or consent to the development rights transfer. The Declaration of Restrictions, ZLDA, and any waivers are to be recorded. An easement of light and air and a negative covenant not to build must be granted by the ZLDA. Mortgages on the burdened parcel(s) are to be subordinated to the easement of light and air (Owner's and Loan Policies).
  • Premium: $25.00
  • Environmental Protection Lien (New York City)
  • Description: Insures the priority of the lien of a mortgage property over recorded environmental protection liens not excepted in the policy or under state statutes not specifically excluded from coverage.
  • Requirements: None (Loan Policy).
  • Premium: $25.00
  • Environmental Protection Lien (New York)
  • Description: Insures the priority of the lien of a mortgage property over recorded environmental protection liens not excepted in the policy or under state statutes not specifically excluded from coverage.
  • Requirements: None (Loan Policy).
  • Premium: $25.00
  • Fannie Mae Balloon Mortgage
  • Description: Insures against loss of priority due to the exercise of the Conditional Right to Refinance and the extension of the loan term.
  • Requirements: Standard Fannie Mae mortgage form (Loan Policy).
  • Premium: $25.00
Back to Tools | More Endorsements