The 1987, 1990, and 1992 ALTA Policies contain arbitration provisions. Either the insured or insurer can require arbitration if the Policy does not exceed $1,000,000, law allows arbitration (some states do not allow a contract provision), and the arbitration provision is not deleted or amended. The provision is modified or deleted in Texas, New Jersey, Florida, Kansas and Missouri. The clause may be deleted upon request prior to Policy issuance.
In New York, where the policy does not exceed $1,000,000.00, the Company will issue a Waiver or Arbitration Endorsement on policy issuance for a premium of $25.00, on request.
Note: You may add additional local exceptions here. Please consult with our underwriting personnel in preparing appropriate provisions.