TIRSA Changes to the ALTA Policies

Effective October 1, 2024, the Title Insurance Rate Service Association, after approval of the NYS Department of Financial Services, will replace the currently used ALTA 2006 title policy form with a new ALTA 2021 policy form.  The new policy form has already been in use in many other states, and major lenders are already familiar with them. ALL title insurance providers in New York State will be required to use the new policy form.

With the new policy form, coverage for your clients will be improved in small ways, for example, the Policy Authentication endorsement language will now be included in the policy, remote online notarizations and electronic signatures will be covered, along with boundary line overlaps.  Policy premium rates will not change, but fees for some existing endorsements may change, and many new or amended endorsements will be available. The charges for the current standard residential mortgage endorsements (EPL, Residential and Waiver of Arbitration) will not change. 

Please be aware that per the new regulations, affirmative language on Schedule B exceptions will NOT be permitted on any policies dated October 1, 2024, or later. Affirmative coverage for title exceptions will only be available by policy endorsement, for which there will be a required charge.

If your closing is expected to occur on or after October 1, 2024, and the title report currently includes affirmative language for an exception, please notify the title examiner referenced on the report as soon as possible, so that the appropriate new endorsement can be added and the title bill revised.

We look forward to working with you, to assure a smooth transition to the new policy format and the changes in coverage and available endorsements. If you have any questions about these new changes, please feel free to contact our office.

Tori Kelley, Esq. Vice President & Counsel

Bill Collins Director of Title Insurance