Generally, the insured is the fee owner, the lessee, or the mortgagee. If you are asked to insure an optionee, a collateral assignee, or a person who does not hold title, please call the Company.
Insured Is Not Owner
The coverage provided the Insured under this Policy is subject to any rights, defenses, and exclusions that the Company may have against the person shown vested with the estate or interest in the Land described in Schedule A.
Comment: The policy may insure a party who is not the owner: for example, an optionee, partner, or stockholder. If the Company approves issuance of the policy, you should add this exception for defenses applicable to the record owner (such as matters the record owner created or knew).
See Underwriting Manual