Guideline: ALTA Endorsement 23.1 (Co-Insurance - Multiple Policies) (Revised 08-01-17) (5-12-22)

Explanation:

This Endorsement is intended to be issued with a Loan Policy only.

This Endorsement is issued by a co-insurer if a lead co-insurer (the “Issuing Co-Insurer”) prepares and issues multiple (more than one) policies.  The other co-insurers then issue the Co-Insurance Endorsement, which is attached to the policies of the Issuing Co-Insurer and which incorporates the terms of the policy of the Issuing Co-Insurer.  The co-insurers do not prepare or issue separate policies.  The Endorsement sets forth the names and addresses of the co-insurers, the policy number(s) assigned by each co-insurer (and the file number also may be shown), the applicable Amount of Insurance assumed by each co-insurer and percentage of liability assumed by each co-insurer.

ALTA Endorsement 23.1 (Co-Insurance - Multiple Policies) is designed to be issued where two or more underwriters co-insure two or more title policies on different land.  ALTA Endorsement 23.1 (Co-Insurance - Multiple Policies) is designed to be issued with ALTA Endorsement 12 (Aggregation - Loan) or ALTA Endorsement 12.1 (Aggregation - State Limits - Loan).      

ALTA Endorsement 23.1 (Co-Insurance - Multiple Policies) coordinates its coverage with the ALTA 12 or 12.1 Aggregation Endorsement, if any, attached to the policy, so that each co-insurer's liability is aggregated with that of the Issuing Co-Insurer, but only to the extent that the co-insurer issues its own ALTA Aggregation Endorsement, and each co-insurer is liable only for its percentage of liability of the total loss or damage under the Co-Insurance Policy, but in no event greater than its respective Aggregate Amount of Insurance set forth in its ALTA Aggregation Endorsement.

ALTA Endorsement 23.1-06 (Co Insurance - Multiple Policies) Revised 08-01-17 is designed to be issued with a 2006 ALTA Loan Policy only.  ALTA Endorsement 23.1 (Co Insurance - Multiple Policies) (5-12-22) contains modifications to align the endorsement to the terms of the 2021 ALTA Loan Policy and is designed to be issued with the 2021 Loan Policy only. Where available, use the version of the endorsement designed for the applicable policy, unless approved by a Stewart Title Guaranty Company underwriter. It is not necessary to indicate “-06” or the parenthetical (date) on the endorsement attached to the policy.

Underwriting Requirements:

We require the following:

1. Secure an assigned policy number for issuance of this endorsement and report it with other policies.
2. Secure approval of a Senior Underwriter.
3. If multiple policies are being tied together, complete an ALTA Endorsement 12 (Aggregation - Loan) or ALTA Endorsement 12.1 (Aggregation - State Limits - Loan) in the customary manner.  The table in Section 1 of ALTA Endorsement 12 or ALTA Endorsement 12.1 should show only Stewart’s Policy Numbers, States, and the Amount of Insurance for each Stewart Policy.  Section 3 of ALTA Endorsement 12 or ALTA Endorsement 12.1 should show the Aggregate Amount of Insurance of all Stewart Policies only.
4. In the table in Section 1 of ALTA Endorsement 23.1 (Co-Insurance - Multiple Policies), the Total Co-Insurance Amount should show the total amount of all policies issued by all Underwriters.