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 asked for, 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 need to be as originally created, 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 present unsettled balance of said indebtedness. The Company will be provided such evidence as it might need validating such unsettled balance, that the insolvency is not in default which there has actually been no acceleration of maturity. THIS RULE MAY NOT BE APPLIED in connection with the issuance of a series of Mortgagee Policies issued by reason of notes being allocated to specific units in connection with a master policy covering the aggregate indebtedness, including improvements. Individual Mortgagee Policies should be released at the Basic Rates.

2. Subsequent to Mortgagee Policy - When a Mortgagee Policy( ies) is asked for, 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 quantity of the present unsettled balance of the insolvency, the premium for the new policy will be at the Basic Rate, however a credit for three-tenths (3/10) of stated premium may be permitted.

1. Subsequent to Mortgagee Policy - When an insolvent insurance company is put in irreversible receivership by a court of skilled jurisdiction and a Mortgagee Policy( ies) is asked for on a lien currently covered by an existing Mortgagee Policy( ies) of stated insolvent insurance provider, however not on a loan to take up, restore, extend or satisfy an existing lien, the brand-new policy being in the amount of the current unsettled balance of the insolvency, the premium for the new policy will be at the basic rate, however a credit for one-half of said premium shall be permitted, unless such credit would minimize the premium to less than the minimum Basic Rate, in which case the rate will be the minimum Basic Rate. The insured shall surrender the existing Mortgagee Policy( ies) to the Company when putting the order for a brand-new Mortgagee Policy( ies). The date of Policy for the new policy( ies) shall 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 issued on Subordinate Lien( s), developed in the same deal, covering the exact same land or a portion thereof, the premium for the First Lien policy shall be calculated on the overall of the combined liens