ALTA QUESTION FROM DIRT BOARD

Colleagues-

As we do not "do" ALTAs in Ontario, 'tiz up to y'all sublatitudinals to enter the fray

Cheers

Derek

_________________________________________________________________________

From: Devlin, Christopher J [CDevlin@UNUM.COM]

I had a couple of questions regarding the new ALTA/ACSM survey standards on which I was hoping to get input from title gurus. These are asked from perspective of commercial mortgagee:

1. The new ALTA/ACSM survey standards don’t include the language from the old certification to the effect that the property is the same as that described in the title commitment, but instead just call for a note identifying the commitment. Does this omission create any new requirement for issuance of the “same as survey” endorsement?

2. How are title companies handling the requirement for identification of E&O coverage limits for the surveyor? Do they look for any correlation to loan amount? Does omission of the item from Table A have any coverage implications?

Thanks for your attention to this.

Regards,

Chris

Christopher J. Devlin
Senior Counsel, Investments
Unum
2211 Congress Street, C474
Portland, ME 04122
207-575-4218
207-575-1296 (fax)
cdevlin@unum.com

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