NY TIRSA New York Fairway Endorsement Guideline 1993

Explanation:

Purpose Of Endorsement:
The “Fairway” endorsement provides that the Company will not deny liability on the basis of a dissolution or termination of the insured partnership in the event of a claim under the policy to the insured partnership, even if there are later changes in the composition of the partnership, as by addition of additional partners, withdrawal of existing partners or changes in the partners’ interest in the partnership.

Underwriting Requirements:

Requirements For Issuance:
(a) The partnership agreement and any amendments must be reviewed; the agreement must provide that the partnership will not dissolve upon any change in the composition of the partnership, including death, withdrawal or addition of a partner;
(b) All legal requirements for the formation of the partnership must be met and certifications of doing business must be filed (including filing of amendments, if any, for any changes to date).
Issued With The Following Policies:
This endorsement is available for Owner’s Policies (while issuance is not precluded for a loan policy insuring a lender partnership, the endorsement does not provide any additional coverage to a lender).
Premium:
20% of the unreduced (straight) owner’s premium.