Effective November 1, 2024 (Order 2024-8851)

R-6. Subsequent Issuance of Mortgagee Policy

1. Subsequent to Owner Policy - When a Mortgagee Policy( ies) is requested, subsequent to the issuance of an Owner Policy which excepted to the Vendor's Lien, the premium will be one-half the Basic Rate. The lien to be insured must be as initially produced, and excepted to in the Owner Policy, and not an extension or rearrangement thereof. Such Mortgagee Policy( ies) will be provided in the amount of the existing unpaid balance of stated indebtedness. The Company shall be provided such evidence as it might need validating such unsettled balance, that the indebtedness is not in default which there has been no velocity of maturity. THIS RULE MAY NOT BE APPLIED in connection with the issuance of a series of Mortgagee Policies released by factor of notes being assigned to private units in connection with a master policy covering the aggregate indebtedness, consisting of improvements. Individual Mortgagee Policies need to be released at the Basic Rates.

2. Subsequent to Mortgagee Policy - When a Mortgagee Policy( ies) is asked for, for any reason whatsoever, on a lien already covered by an existing Mortgagee Policy( ies), however not on a renewal or extension thereof, the new policy being in the quantity of the present unpaid balance of the indebtedness, the premium for the new policy will be at the Basic Rate, but a credit for three-tenths (3/10) of said premium may be allowed.

1. Subsequent to Mortgagee Policy - When an insolvent insurer is positioned in long-term receivership by a court of competent jurisdiction and a Policy( ies) is asked for on a lien currently covered by an existing Mortgagee Policy( ies) of stated insolvent insurance company, but not on a loan to take up, renew, extend or satisfy an existing lien, the brand-new policy being in the quantity of the current unsettled balance of the insolvency, the premium for the brand-new policy shall be at the fundamental rate, but a credit for one-half of said premium will be allowed, unless such credit would decrease the premium to less than the minimum Basic Rate, in which case the rate shall be the minimum Basic Rate. The insured will surrender the existing Mortgagee Policy( ies) to the Company when putting the order for a new Mortgagee Policy( ies). The date of Policy for the brand-new policy( ies) will be the exact same Date of Policy as the existing Mortgagee Policy( ies).
   
   R-7. Mortgagee Policies Covering First and Subordinate Liens Issued Simultaneously
   
   When a Mortgagee Policy is issued on a First Lien, and other policy( ies) is provided on Subordinate Lien( s), developed in the same deal, covering the same land or a part thereof, the premium for the First Lien policy shall be computed on the total of the combined liens