Comparison of Residential Short Form Loan Policy with standard lender's title insurance

  Residential Short Form Loan Policy Standard Lender's Policy
Availability Residential transactions only All transactions
Premium Standard premium Standard premium
Survey Coverage Survey coverage with no survey requirement Survey usually required for survey coverage
Special Requirements

Standard Requirements Only

 Standard Requirements
Number of Pages Usually one page front and back for faster policy production and reduced paper use. Separate pages for Schedules A, B, B Part2, C, policy jacket and each endorsement.
Coverage All the insuring provisions, exclusions from coverage, and conditions and stipulations of the standard loan policy are included by way of inclusionary language. Insuring provisions, exclusions from coverage, and conditions and stipulations are set out in full on the policy jacket.
Endorsements and Exceptions A checklist on the face of the form adds the customary American Land Title Association endorsements and indicates whether an addendum containing additional exceptions is attached. Endorsements are added as separate pages with coverages set out in full. All exceptions are set out in full on Schedule B.
Property Identification The property is identified only by street address. The property is identified by its full legal description.
Effective Date The effective date may be the date of settlement rather than the date and time the mortgage is recorded. The effective date is the date and time the mortgage is recorded.

Note: This summary comparison is provided for informational purposes only. Refer to the actual policy forms for the covered risks and insuring provisions, exclusions, conditions and stipulations, exceptions, and other terms of each type of policy. For detailed questions or comparison of policy terms, consult an attorney.