What was a notable revision in the ALTA 2006 title policy regarding arbitration?

The revision in the ALTA 2006 title policy increased the threshold for arbitration from $1 million to $2 million. This change was significant because it reflects a shift in the approach towards resolving disputes in title insurance matters. By raising the threshold, the policy allows for more substantial claims to be resolved through arbitration rather than the lower limit where arbitration might have been seen as more appropriate for smaller disputes.

This move is intended to provide greater flexibility for both title agents and insured parties when dealing with significant claims, ensuring that they can seek resolution through judicial proceedings if the stakes exceed $2 million. This alteration has implications for how title insurance policies are structured and can impact the decisions of parties involved in disputes, encouraging parties to consider the most suitable methods for resolution based on the magnitude of the financial stakes involved.

The other choices do not align with the actual changes made in the policy and do not reflect the direction that the ALTA sought to take with respect to arbitration in title insurance matters.