There are many ALTA endorsements that can be utilized in the title underwriting process. In this article, we are going to talk about the ALTA 41 series water endorsements and when they can be used when underwriting title insurance.
ALTA 41 Series
The ALTA 41 series of endorsements protects the insured owner against financial loss caused by forced removal or alternation of improvements as a result of the future exercise of existing rights to use the surface of the land to extract or develop water. The structure of the endorsement is very similar to the Mineral Rights Endorsements (ALTA 35-series). Each endorsement defines improvements that are covered in different ways:
-
ALTA 41-06: existing buildings ALTA 41.1-06: existing “improvements”, including roads, parking, etc.
-
ALTA 41.2-06: existing specified improvements
-
ALTA 41.3-06: existing and defined future improvements, as reflected on a specified set of plans
Your title company will be able to help you make a decision about which endorsements are best suited for your unique property.
Contact an Expert at Commercial Partners Title
Contact an expert at Commercial Partners Title Company today to learn more about the wide world of commercial title insurance and see how we can help. We have a combined two hundred years of experience among our team of escrow agents, closers, underwriters, and other title experts. With our skills and expertise on your side, you will be well equipped to handle anything that comes your way throughout the commercial title process. Reach out to our title professionals today to get started with your commercial transaction.