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 shall be the Basic Rate. The lien to be guaranteed need to be as initially produced, and excepted to in the Owner Policy, and not an extension or rearrangement thereof. Such Mortgagee Policy( ies) will be issued in the amount of the current unpaid balance of stated indebtedness. The Company shall be furnished such evidence as it may require validating such unpaid balance, that the indebtedness is not in default and that there has actually 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 systems in connection with a master policy covering the aggregate insolvency, including 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), however not on a renewal or extension thereof, the brand-new policy being in the amount of the existing unpaid balance of the indebtedness, the premium for the new policy shall be at the Basic Rate, but a credit for three-tenths (3/10) of stated premium might be enabled.

1. Subsequent to Mortgagee Policy - When an insolvent insurance provider is positioned in permanent receivership by a court of skilled jurisdiction and a Mortgagee Policy( ies) is requested on a lien already covered by an existing Mortgagee Policy( ies) of said insolvent insurance provider, but not on a loan to use up, restore, extend or please an existing lien, the new policy remaining in the quantity of the current overdue balance of the insolvency, the premium for the brand-new policy will be at the fundamental rate, but a credit for half of said premium will be enabled, unless such credit would reduce the premium to less than the minimum Basic Rate, in which case the rate will be the minimum Basic Rate. The insured will surrender the existing Mortgagee Policy( ies) to the Company when positioning the order for a new Mortgagee Policy( ies). The date of Policy for the new policy( ies) shall be the 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), created in the exact same transaction, covering the exact same land or a portion thereof, the premium for the First Lien policy shall be calculated on the total of the combined liens