ALTA Policy Forms Update
The ALTA Board of Governors in October approved a recommendation to adopt revisions to the 2021 ALTA Forms Collection, as well as the approval of two new Collateral Assignment endorsements. The forms are now final and went into effect Jan. 2 after going through a comment period.
The new or revised endorsements include, among others:
- ALTA 22.2 Endorsement – Land Address (New Endorsement): This new ALTA Endorsement will provide coverage for loss or damage if the unimproved land is not known by a specific stated address within the records of a specified entity. These entities could be, for example, the assessor’s office or post office, for a given endorsement issuance.
- ALTA 36.9 Endorsement – Energy Project – Minerals and Other Subsurface Substances – Land Under Development (New Endorsement): This endorsement will provide coverage for removal or alterations of an electric facility that is built according to endorsement defined plans, where the loss or damage results from the later use of the surface to extract (or otherwise develop) subsurface substances, including minerals.