NY TIRSA Non-Imputation Endorsement (Stock Acquisition) Guideline 1993

Explanation:

Purpose Of Endorsement:
The non-imputation endorsements provide that the Company will not raise a defense alleging imputed knowledge (as opposed to actual knowledge) of the insured, as to the interest of a new shareholder or additional partner in the corporation or partnership. The affirmative insurance only affects that particular party, and not the partnership, corporation, or any of the existing partners, shareholders, officers or directors.

Underwriting Requirements:

Requirements For Issuance:
(a) An affidavit, in form approved by underwriting counsel, must be obtained from the party to be covered and from the party or parties who are capable of having any knowledge which may be imputed, stating that said party has no knowledge of any liens, encumbrances, claims or other adverse matters which could affect title, except for those shown in the Company’s certification of title or policy;
(b) These endorsements are intended to be used only where the coverage has been specially requested, and only in circumstances where there is an incoming partner or shareholder.
Issued With The Following Policies:
This coverage is available for owner’s and loan policies.
Premium:
20% of the unreduced (straight) owner’s premium.