18.12 Severance Of The Ownership Of The Land From The Ownership Of The Improvements

Severance of the ownership of the "land" from the ownership of the "improvements" is typical of the "sale-leaseback" transactions (see "Sale-Leaseback Transactions" sec 18.00).

Title to a "severed" building or improvement should not be insured unless the owner of the building or improvement also has an estate in the ground on which the buildings are situated. Titles to buildings are insurable only if the owner has an estate in the ground sufficient to render the building a fixture.

Legal for the Buildings or Improvements

• (To be insured Only if the owner of the buildings and improvements has also an estate in the ground, and both are being insured in the same policy.)
  
  
• Ownership of all the buildings, improvements, and structures now located on that tract of land described as: _________________.

Legal for the Land Excluding the Improvements

"Legal Description" _____________________________________ _________________________________________________________ Except all the buildings, improvements and structures now located thereon.