10
May
11

The Florida 2006 Forms Adoption

By statue, all title insurance forms utilized in Florida must be pre-approved by the Florida Office of Insurance Regulation (OIR).  This has been a laborious and time consuming process.

In October 2006, the American Land Title Association (ALTA) adapted an entirely new set of title insurance forms.  They represent and improved product for consumers and lenders, and were designed to replace the ALTA 1992 and the ALTA 1970 title insurance forms previously used in the market place.  The 2006 ALTA forms were promptly filed for use by the various insurers doing business in Florida but it has taken years to go through the regulatory process.  Their use has now been approved with Florida modifications effective March 1, 2011.  The prior forms, while decertified by the ALTA, have not been withdrawn for the Florida Office of Insurance Regulation. 

The 2006 polices not only clarify the coverage that was offered in the 1992 policies, but also offer additional coverage that was either not explicit, or not previously available.  This is exactly why Jennifer Ferri continues to attend seminars to keep herself updated and well educated on all the changes in the real estate industry.  You can be well assured Jennifer will keep you well informed too!

*Old Republic National Title Insurance 
   By:   James C. Russick, Esq.

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