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Effective November 1, 2024 (Order 2024-8851)

R-6. Subsequent Issuance of Mortgagee Policy
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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 guaranteed must be as initially developed, and excepted to in the Owner Policy, and not an extension or rearrangement thereof. Such Mortgagee Policy( ies) shall be released in the amount of the current unpaid balance of said insolvency. The Company shall be provided such proof as it might need confirming such unpaid balance, that the indebtedness is not in default which there has been no acceleration of maturity. THIS RULE MAY NOT BE APPLIED in connection with the issuance of a series of Mortgagee Policies issued by factor of notes being assigned to private systems in connection with a master policy covering the aggregate indebtedness, consisting of improvements. Individual Mortgagee Policies need to be provided at the Basic Rates.

2. Subsequent to Mortgagee Policy - When a Mortgagee Policy( ies) is requested, for any factor whatsoever, on a lien currently covered by an existing Mortgagee Policy( ies), but not on a renewal or extension thereof, the brand-new policy being in the amount of the current unpaid balance of the insolvency, the premium for the brand-new policy shall 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 insurance provider is placed in irreversible receivership by a court of qualified jurisdiction and a Mortgagee Policy( ies) is requested on a lien already covered by an existing Mortgagee Policy( ies) of said insolvent insurance company, but not on a loan to take up, renew, extend or satisfy an existing lien, the new policy remaining in the amount of the present unsettled balance of the indebtedness, the premium for the new policy will be at the standard rate, however a credit for half of said premium shall be allowed, unless such credit would decrease the premium to less than the minimum Basic Rate, in which case the rate will be the minimum Basic Rate. The insured will give up the existing Mortgagee Policy( ies) to the Company when placing 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 provided on a First Lien, and other policy( ies) is issued on Subordinate Lien( s), created in the same deal, covering the exact same land or a part thereof, the premium for the First Lien policy shall be computed on the total of the combined liens