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).
20% of the unreduced (straight) owner’s premium.
The underwriting guidelines contained herein have been provided for general reference. The facts, circumstances, and location of the subject property should be considered when determining the issuance of the requested form or endorsement. Please note that all of the forms and endorsements included in this system may not be available in all states. Accordingly, please contact the appropriate Stewart Title Guaranty Company underwriting personnel in order to determine availability.
Compliance with the underwriting guidelines contained herein in no way obligates Stewart Title Guaranty Company to issue any form or endorsement.
This guideline applies to the following form(s):None