CA STG Incremental Liability - Land Under Development Owner’s Policy

CA - STG Incremental Liability – Land Under Development Owner’s Policy

THIS ENDORSEMENT IS ATTACHED TO POLICY NUMBER                                  

ISSUED BY

STEWART TITLE GUARANTY COMPANY

1.     For purposes of this endorsement only:

a.     “Future Improvement” means a building, structure, and any paved road, walkway, parking area, driveway, or curb to be constructed on or affixed to the Land in the locations according to the Plans and that by law will constitute real property, but excluding any crops, landscaping, lawn, shrubbery, or trees.

b.     “Plans” means the survey, site and elevation plans, or other depictions or drawings prepared by <insert name of architect or engineer> dated ____, last revised ________, designated as <insert name of project or project number> consisting of ___ sheets.

2.     In the event of a loss during course of construction of Future Improvement, the liability of the Company hereunder shall be limited to $<insert purchase price or current valuation of the vacant land> but shall automatically increase by the amount actually expended for Future Improvement made in good faith, and without actual notice of any adverse claim, but in no event shall exceed the Amount of Insurance.

This endorsement is issued as part of the policy. Except as it expressly states, it does not (i) modify any of the terms and provisions of   the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.