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Title company can change policy language afterwards?

State: New Mexico

Bought my first house nearly two years ago. Yesterday, title company sent me an endorsement of my title insurance policy, making several changes to the text, some of which seem reasonably substantive (text below).

The purpose for the change appears to be that the original policy was issued using "ALTA Owner's Policy 6-17-06" forms, and they are updating the language to use the 07-01-2021 version.

Can they do this unilaterally? It seems to me like we have a legal agreement that they shouldn't be able to simply alter without my signed consent. Aside from that question, should I care? Are any of these changes significant?

This Policy is hereby amended in the following respects:

Header to Schedule A, is hereby amended to read: Owner’s Policy of Title insurance NM Form 1

Title of Schedule A, is hereby amended to remove ALTA OWNER’S POLICY (07-01-2021)

Schedule B, Part I, Exceptions from Coverage, second paragraph, is hereby amended to read: This policy does not insure against loss or damage and the Company will not pay costs, attorneys’ fees, or expenses resulting from the terms and conditions of any lease or easement identified in Schedule A, and the following matters:

Removal of final statement appearing after the End of Schedule B which reads: In compliance with Subsection G of 13.14.18.9 NMAC, the Company hereby waives its right to demand arbitration pursuant to the title insurance arbitration rules of the American Land Title Association. Nothing herein prohibits the arbitration of all arbitrable matters when agreed to by both the company and the insured.

Footer on all pages of the policy is hereby amended to read: Modeled on, but not necessarily identical to, ALTA Owner’s Policy Form, 2021 v. 01.00 (adopted 07-01-2021)

This endorsement is made a part of the policy, binder or commitment and is subject to all the terms and provisions thereof and of any prior endorsements thereto. Except to the extent expressly stated, it neither modifies any of the terms and provisions of the policy, binder or commitment and prior endorsements, if any, nor does it extend the effective date of the policy, binder or commitment and prior endorsements or increase the face amount thereof.

submitted by /u/neutscoot
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source https://www.reddit.com/r/RealEstate/comments/1pi7ea5/title_company_can_change_policy_language/
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