PA Nonimputation--Additional Insured 1170

  

STEWART TITLE

GUARANTY COMPANY

 

ENDORSEMENT

 

 

Attached to and made a part of Policy Number                                        

 

 

For purposes of the coverage provided by this endorsement,

 

[identify the "incoming" partner, member or shareholder]

 

(?Additional Insured?) is added as an insured under the Policy.  By execution below, the insured named in Schedule A acknowledges that any payment made under this endorsement shall reduce the amount of insurance as provided in Section 10 of the Conditions and Stipulations.

 

The Company agrees that it will not assert the provisions of Exclusions from Coverage 3(a), (b), or (e) to deny liability for loss or damage otherwise insured against under the terms of the Policy solely by reason of the action or inaction or knowledge, as of Date of Policy, of

 

[identify, as applicable, the existing and/or exiting partner(s) of the insured partnership entity, member(s) or manager(s) of the insured limited liability company entity, or officer(s) and/or director(s) of the insured corporate entity]

 

imputed to the Additional Insured by operation of law, to the extent of the percentage interest in the insured acquired by Additional Insured as a purchaser for value without actual knowledge of the asserted defect, lien, encumbrance, adverse claim, or other matter insured against by the Policy.

 

This endorsement is issued as part of the Policy.  Except as it expressly states, it does not (i) modify any of the terms and provisions of the Policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance.  To the extent a provision of the Policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls.  Otherwise, this endorsement is subject to all of the terms and provisions of the Policy and of any prior endorsements to it.

 

In Witness Whereof, STEWART TITLE GUARANTY COMPANY has caused to be hereto affixed, duly attested, its corporate seal.                     

 

 

 

Countersigned:

 

_______________________________________

Authorized Countersignature

 

 

 

 

TIRBOP-PA ENDORSEMENT 1170  (ALTA Endorsement 15.1) (Nonimputation - Additional Insured) (01/01/2005)  OWNER'S POLICY ONLY

 

PROHIBITED FOR POLICIES COVERING 1-4 FAMILY RESIDENTIAL PROPERTY

 

 

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