Stewart Title’s Commercial Loan Policy of Title Insurance is obtained for a one-time premium at the time a mortgage is registered and is available for properties such as:
The policy is effective from the date the mortgage is submitted for registration and the policy will remain in effect for as long as the insured mortgage remains on title.
The amount of insurance for the commercial loan policy is equal to the principal amount of the insured mortgage. The amount of insurance decreases by any amounts (other than legal fees and associated legal expenses) that we pay to cover a claim.
Stewart’s Commercial Loan Policy provides coverage for losses arising from many types of title and off-title related risks which impact the insured lender’s interest in the land. Other than the post date of policy fraud coverage and any covered risks that specifically include post date of policy coverage, the covered risk giving rise to a claim must exist, but be unknown to the insured, at the date of policy.
1A commercial lender endorsement containing coverage for these matters is attached without the need for a building/zoning search for transactions up to $50 million.
2A zoning endorsement is attached without the need for a zoning search for transactions up to $50 million. The form of endorsement may vary depending on whether the land is developed, vacant or under construction.
Up to a maximum dollar limit of liability of $5 million in the aggregate, commercial loan policies provide coverage for losses sustained by the insured lender by reason of forgery after date of policy of any assignment, release, discharge (partial or full), postponement or modification of the insured mortgage. There is further coverage for loss sustained by the insured lender as a result of any defect in or lien or encumbrance on the title caused by forgery or impersonation occurring after the date of policy.
The coverage under this endorsement does not extend to any loss if the forgery or impersonation is caused by an employee, officer, director, partner, member, shareholder or agent of the insured lender.
There are standard exclusions and exceptions from coverage contained in all commercial loan policies. These include but are not limited to:
Stewart Title offers a variety of commercial endorsements at no additional cost that can be used to customize our policies to meet the unique requirements of each transaction.
Contact us for additional information.
This website is intended to provide information that is of a general nature and is subject to modification. Coverage and requirements can vary depending on the nature of the transaction and location of the property involved. Please review your actual Stewart Title policy for full coverage details.