Types of Policies
FCT's Commercial Policies simplify commercial transactions and reduce your liability and exposure through no-fault coverage. Underwritten by First American Title Insurance Company, our 2006 ALTA Commercial Policies are the most comprehensive in the industry with a wide range of covered risks for owners and lenders, plus some post-policy coverages as standard provisions. If a loss occurs, our first priority is to resolve the claim quickly and to inform you of the resolution. We specialize in making the difference when the details are complex and timing is critical. FCT offers different types of commercial policies to protect your
commercial owner and lender clients:
These policies are issued for:
- Typical commercial buildings (i.e. office buildings, shopping centres, etc.)
- Industrial buildings
- Vacant commercial land
- Commercial agricultural land
- Multi-unit residential (over six units)
- Mixed use (commercial/residential)
When underwriting commercial transactions, our approach is flexible and solution-oriented with the goal of providing your clients with the best coverage possible specific to the transaction - small or large. Our national team of underwriters is comprised of law clerks and lawyers with extensive experience in a variety of commercial transactions.
We offer both an owner's policy and a lender's policy.
Below is a list that highlights some of the covered title risks contained in our policies:
- Defect, charge, lien or encumbrance on the title
- Unmarketability of title
- Lack of a right of access to and from the land
- Unregistered utility easements (excluding vacant land)
- Non-compliance with subdivision/development/site plan agreements
- Inaccurate responses from off-title governmental enquiry searches (excluding environmental)
- Gap Coverage for intervening registrations during the registration "gap" (time between presentation of documents for registration and actual registration)
In addition to the coverage above, for Owner's Policies, based on our underwriting guidelines, the following coverage is included with every Owner's Policy for transactions up to $10 million:
- Survey coverage (i.e. defects that would have been revealed by an up-to-date survey); and
- Comprehensive zoning coverage (i.e. non-compliance with zoning by-laws as to use and structural matters).
In addition to the coverage above, for Lender's Policies, based on our underwriting guidelines, the following coverage is included:
- Survey coverage (as above)
- Comprehensive zoning coverage (as above)
- Priority and enforceabiltity of the mortgage
- Work order coverage (excluding environmental)
Please note that much more coverage is available in our policies via endorsements and we are ready to work with you to build the best policy for your clients.
For a more detailed overview, please refer to our policies for precise legal reference (including exclusions and stipulations).
