First American Title Insurance Company announces new extended coverage "EAGLE" loan policy


February 11, 1997, SANTA ANA, CALIFORNIA

First American Title Insurance Company announced today that it has received authorization from the California Department of Insurance to begin issuing its new EAGLE Policy immediately on one-to-four family properties. This new lender's policy is the ALTA Loan Policy, but it incorporates 18 additional coverages. None of these new coverages have ever been automatically included in any loan policy before. Some circumstances that may take place in the future are even covered, something no title insurer has ever offered before.

"We have filled a void," said Cliff Morgan, underwriting director. "The EAGLE Policy was produced based on customers' needs and requests over the years. Some of the new coverages were only available by special endorsement previously, and others were not available at all."

Examples of new coverages which have never been available from any title insurer in any form include building permit violations and post-policy coverages for forgery, mechanics' liens and encroachments. Coverage is provided against future forgeries which may be performed or mechanics' liens which may be filed in the future which would affect a lender's mortgage. Even encroachments created in the future onto the mortgaged property are covered. Other new coverages protect you automatically against subdivision law and zoning violations. These had been available by endorsement, but were seldom obtained for one-to-four family residences.

The new EAGLE Policy was designed to benefit lenders by providing automatic protection on possible title problems which had only been available by endorsement, if at all. Lenders no longer need to request endorsements or audit files after closing to check coverages. This is because the endorsement coverages most often requested are automatically built into this policy. First American also has introduced a new EAGLE Owner's Policy for homeowners which extends 10 new coverages.

First American Title Insurance Company, principal subsidiary of The First American Financial Corporation (NYSE: FAF), traces its history to 1889. One of the largest title insurers in the nation, it offers title services through a network of more than 300 offices and 4,000 agents throughout the United States. It also provides title services abroad in the Bahama Islands, Bermuda, Canada, Guam, Mexico, Puerto Rico, the U.S. Virgin Islands and the United Kingdom. The company has its headquarters in Santa Ana, California.

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