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The standard owners policy and standard mortgage policy are based on public records of the recording district in which the land is located. It does not insure against matters which would only be disclosed by actual inspection or survey of the property. It does not insure against certain matters not shown by the public records such as unrecorded easements liens or money obligations; unrecorded utility rights of way public or private roads community driveways and other types of encumbrances or against the rights or claims of persons in possession of the property which are not shown by the public records.
Upon application the issuing company may specially cover matters which are disclosed by a physical inspection and/or a survey of the property subject to any exceptions which the inspection will determine to be proper. An additional risk premium is charged for this type of coverage. Insurance of this kind is called extended coverage.
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