§14.15 - Policy Elements

• Jurisdiction: Washington

§14.15 POLICY ELEMENTS

Title insurance policies include the insuring or indemnity agreement; exclusionary clauses that exclude certain matters from the coverage given; and conditions that define terms and set forth the obligations and duties of each party to the contract. These are typically printed on a cover jacket, and the schedules are attached or inserted. Schedule A identifies the subject matter of the contract and Schedule B lists the exceptions from coverage. Various endorsements are available that expand (more typically) or reduce (less typically) coverage or modify the conditions.

Most title insurance policies have certain elements in common. Generally speaking, title insurance policies:

(1) are contractual in nature;

(2) are policies of indemnity (i.e., provide that the insurer is...