GAP Indemnity update - 3/30/20

In light of some misinformation that was circulating last week, we want to assure our customers that the GAP indemnity related to potential problems recording documents due to closed Recorder offices throughout the State does not apply to Cook, Lake, DuPage, Kane, Will and Kendall. 

A complete list of the status of any Recorder of Deeds office is available on the Illinois Land Title Association (ILTA) website here.

At present, the major national underwriters are taking the position that counties accepting e-recordings are not closed.   
 
If you have a transaction in one of the outlying counties above, you will not be asked to execute the modified GAP indemnity that was circulating last week. Likewise, Owner(s) will still get Covered Risk 10 and Lenders will still get Covered Risk 14 on the policy jacket (i.e., the GAP will be insured). 

If you have questions about GAP issues, please email our Senior Underwriting Counsel, Neil Narut at nnarut@propertitle.com