§14.16 - Current Policy Forms

• Jurisdiction: Washington

§14.16 CURRENT POLICY FORMS

The ALTA promulgates most policy forms that title insurers use in Washington. There are also some Washington Land Title Association (WLTA) and California Land Title Association (CLTA) forms (principally endorsements) available in Washington. Additionally, each title company has its own proprietary form endorsements.

The need for uniformity is in part generated by the large institutional lenders, such as life insurance companies and pension funds, and by the secondary mortgage market. An advantage of such uniformity is obvious in that a national lender, for example, will know the coverage afforded under a particular form of policy and will not have to make an individual determination of the coverage afforded by a different policy form. For this reason, most ALTA and certain CLTA forms are widely accepted in Washington and in the rest of the country.

Policies used in Washington today include:

(1) ALTA Homeowner's Policy One-to-Four Family Residence (1-1-08), sometimes referred to as an "expanded coverage" policy. (See §14.27 and Form 14-9 on the CD accompanying this deskbook.) (NOTE: This replaces a version dated 10-22-03; see Form 14-10 on the CD accompanying this deskbook.)

(2) ALTA Owner's Policy (6-17-06). (See §14.21 and Form 14-5 on the CD accompanying this deskbook.)

(3) ALTA Loan Policy (6-17-06). (See §14.22 and Form...