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 one-half the Basic Rate. The lien to be guaranteed must be as originally developed, 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 overdue balance of stated indebtedness. The Company will be provided such evidence as it might require validating such unsettled balance, that the indebtedness is not in default and that 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 reason of notes being assigned to specific systems in connection with a master policy covering the aggregate indebtedness, 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 already covered by an existing Mortgagee Policy( ies), but not on a renewal or extension thereof, the new policy remaining in the quantity of the existing unpaid balance of the indebtedness, the premium for the new policy will be at the Basic Rate, however a credit for three-tenths (3/10) of stated premium might be enabled.

1. Subsequent to Mortgagee Policy - When an insolvent insurer is placed in permanent receivership by a court of qualified 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, but not on a loan to use up, renew, extend or please an existing lien, the new policy remaining in the quantity of the current unsettled balance of the indebtedness, the premium for the brand-new policy shall be at the standard rate, however a credit for half of stated premium will be allowed, unless such credit would lower the premium to less than the minimum Basic Rate, in which case the rate shall be the minimum Basic Rate. The insured will give up 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 brand-new policy( ies) shall be the very 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 released on a First Lien, and other policy( ies) is released on Subordinate Lien( s), produced in the very same deal, covering the exact same land or a portion thereof, the premium for the First Lien policy will be calculated on the overall of the combined liens