Overview of Standard Title Insurance Forms (part 1)

The predominant title insurance forms are the American Land Title Association (ALTA) policies. The American Land Title Association has developed standardized title insurance policies since 1929. Standardization of forms occurred because of lender demand for predictable forms that would not need to be read and negotiated. In 1929 the association developed a loan policy. In 1959 the ALTA adopted an owner's policy. The ALTA adopted new uniform title insurance policies in 1962:

The ALTA Owner's Policy Standard Form A 1962. This policy included insurance against a lack of right of access but did not insure against unmarketability of the title and excluded refusal of any person to purchase lease or lend money. The policy included a coinsurance provision.

The ALTA Owner's Policy Standard Form B 1962. This policy also insured against unmarketability of the title.

The ALTA Standard Loan Policy, Revised Coverage 1962. This policy included insurance against unmarketability of the title, lack of right of access and "any statutory lien for labor or material which has now gained or hereafter may gain priority over the lien of said mortgage upon said estate." The policy excluded coverage of mechanic's liens arising from construction on the land contracted for and commenced after Date of Policy and not financed in whole or in part by mortgage proceeds which the insured had advanced or was presently obligated to advance.

The ALTA Loan Policy, Additional Coverage 1962. This policy also insured against assessments for street improvements under construction or completed at the Date of Policy which have "now gained on hereafter may gain" priority over the mortgage. This coverage is now offered by ALTA Endorsement No. 2 and is a standard provision in the CLTA filing of the ALTA Loan Policy.