Aircraft purchasers who obtain aircraft title insurance through the AOPA Service Corporation's Title and Escrow Service are now offered protection against federal tax liens that do not appear during a title search.
The policy underwriter, First American Transportation Title Insurance Company, has added that coverage to both the EAGLE Protection Aircraft Loan Policy for lenders and the EAGLE Protection Aircraft Owners Policy for owners. The coverage for federal tax liens is limited to $250,000 on the lender's policy and $50,000 on the owner's policy.
"Tax liens may not be discovered during a routine title search because these liens are not required to be filed with the FAA," said Debbie Wilson, marketing and communications specialist for the AOPA Service Corporation's Title and Escrow Service. "Title insurance offers an aircraft owner or lender protection from the unknown, and this represents one less unknown to worry about."
"Title insurance has been a routine part of real estate purchases for years," she added. "But only recently have aircraft purchasers begun to see the importance of protecting their ownership rights in the same way."
Wilson added that the EAGLE Protection Aircraft Title Insurance Policy covers many other potential areas of loss in an aircraft transaction, including state tax liens up to $2,500. As with any insurance contract, there are exceptions, exclusions, and conditions to coverage contained in the policy.
For more information about the EAGLE Protection Aircraft Title Insurance Policy or to obtain a premium quote, call AOPA Service Corporation Title and Escrow, 800/288-2519, or visit the Web site.
The 365,000-plus-member Aircraft Owners and Pilots Association was founded in 1939 to help keep general aviation flying fun, safe, and as affordable as possible. The AOPA Service Corporation, based in Oklahoma City, Oklahoma, is a wholly owned subsidiary of AOPA established to meet the needs of aircraft purchasers and sellers.