A Company may add to the Additional Insured Endorsement (T-26) to an Policy of Title Insurance (T-1), when: (1) its underwriting requirements are met, and (2) it is paid the premium, if any, prescribed in Rate Rule R-33, the following language when requested by a Limited Liability Company that is the insured in the policy to which the endorsement is to be added, when: (i) there will be a transfer(s) of all or any part of the Limited Liability Company members' interests in the insured to any transferee(s), or (ii) the withdrawal(s) of one or more of the members from the Limited Liability Company, or (iii) the addition(s) of one or more persons or entities as members of the Limited Liability Company. The Company may acknowledge that the Company will not deny liability under the policy or raise a defense to any claims because such actions may cause a dissolution or termination of the Limited Liability Company. Language that may be added: [ ] Optional Coverage for Limited Liability Companies: [if box is checked] The Company hereby agrees that, notwithstanding anything to the contrary contained in this policy, in the event of loss or damage insured under this policy, the Company shall not deny liability under this policy or raise a defense to any claim made under this policy solely on the ground that, after the Date of Policy, a dissolution or termination of the Limited Liability Company has occurred or a new Limited Liability Company or other entity has been created by reason of any one or more: (i) transfer(s) of all or any part of the Limited Liability Company members' interests in the insured to any transferee(s), (ii) withdrawal(s) of one or more of the members from the Limited Liability Company, or (iii) addition(s) of one or more persons or entities as members of the Limited Liability Company; provided that the insured Limited Liability Company remains the record title holder and no new Limited Liability Company is explicitly formed. The Company reserves all of its rights and defenses under this policy which the Company would have had against the named insured or its constituent members before or after any withdrawal, transfer or substitution.
A Company may add to the Additional Insured Endorsement (T-26) to an Policy of Title Insurance (T-1), when: (1) its underwriting requirements are met, and (2) it is paid the premium, if any, prescribed in Rate Rule R-33, the following language when requested by a Limited Liability Company that is the insured in the policy to which the endorsement is to be added, when: (i) there will be a transfer(s) of all or any part of the Limited Liability Company members' interests in the insured to any transferee(s), or (ii) the withdrawal(s) of one or more of the members from the Limited Liability Company, or (iii) the addition(s) of one or more persons or entities as members of the Limited Liability Company. The Company may acknowledge that the Company will not deny liability under the policy or raise a defense to any claims because such actions may cause a dissolution or termination of the Limited Liability Company. Language that may be added: [ ] Optional Coverage for Limited Liability Companies: [if box is checked] The Company hereby agrees that, notwithstanding anything to the contrary contained in this policy, in the event of loss or damage insured under this policy, the Company shall not deny liability under this policy or raise a defense to any claim made under this policy solely on the ground that, after the Date of Policy, a dissolution or termination of the Limited Liability Company has occurred or a new Limited Liability Company or other entity has been created by reason of any one or more: (i) transfer(s) of all or any part of the Limited Liability Company members' interests in the insured to any transferee(s), (ii) withdrawal(s) of one or more of the members from the Limited Liability Company, or (iii) addition(s) of one or more persons or entities as members of the Limited Liability Company; provided that the insured Limited Liability Company remains the record title holder and no new Limited Liability Company is explicitly formed. The Company reserves all of its rights and defenses under this policy which the Company would have had against the named insured or its constituent members before or after any withdrawal, transfer or substitution.
2012-50_Procedu1.docx