First American Title Insurance Company announces new extended coverage "EAGLE" owner's title policy
February 11, 1997, SANTA ANA, CALIFORNIA
"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 include post-policy forgery and post-policy encroachment – protection is provided against forgeries performed or new structures built in the future which would cloud the homeowner's title. These have never been available from any title insurer in any form. Three other new coverages deal with violations of covenants, conditions and restrictions that occurred before the homeowner bought the property. A more limited coverage for these problems was previously only available by endorsement. There is also some coverage for subdivision law and building permit violations.
The new EAGLE Policy was designed to benefit both homeowners and real estate and escrow professionals who deal with homeowner concerns. In addition, First American has introduced a new EAGLE Loan Policy for lenders which provides coverages beyond those available through an ALTA Loan Policy.
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.