There are many ALTA endorsements that may be applicable to your commercial transaction – finding the right endorsements is key to a successful transaction. In this article, we are going to explain the benefits of the ALTA endorsement for severable improvements.
Severable Improvements
This endorsement insures against covered loss with respect to certain improvements to the land that, due to the severable nature of the improvements, do not constitute real property. This endorsement applies to commercial properties and insures an insured not only against a loss resulting in the reduction in value of the insured’s interest in a “Severable Improvement” as that term is defined in the endorsement, but also the reasonable costs associated in connection with the removal of any Severable Improvement. The endorsement specifically states that it does not insure ownership of the Severable Improvement, does not insure attachment, priority or perfection of any security interest in the Severable Improvement, does not insure against any defect, lien or encumbrance in the Severable Improvement, and does not insure whether any Severable Improvement constitutes real or personal property. The coverage afforded by this endorsement only pertains to defects otherwise insured by the title policy.
Commercial Partners Title – The Experts in Commercial Transactions
At Commercial Partners Title, we are recognized as experts in commercial transactions by our customers and our peers. We can work with you to underwrite a title insurance policy that fits your needs, and also help you with the closing process. We have been facilitating commercial transactions for decades and put that experience to work for each of our clients. Contact our commercial title experts today to learn more about our process, and how we can help you through the details of your next transaction.