Effective November 1, 2024 (Order 2024-8851)
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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 guaranteed must be as initially produced, and excepted to in the Owner Policy, and not an extension or rearrangement thereof. Such Mortgagee Policy( ies) shall be issued in the quantity of the present unpaid balance of said indebtedness. The Company will be provided such evidence as it might require validating such overdue 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 apportioned to specific systems in connection with a master policy covering the aggregate insolvency, consisting of enhancements. Individual Mortgagee Policies need to be released at the Basic Rates.

2. Subsequent to Mortgagee Policy - When a Mortgagee Policy( ies) is requested, for any reason whatsoever, on a lien already covered by an existing Mortgagee Policy( ies), but not on a renewal or extension thereof, the brand-new policy remaining in the amount of the current unpaid 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 said premium may be allowed.

1. Subsequent to Mortgagee Policy - When an insolvent insurer is put in long-term receivership by a court of proficient 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, restore, extend or please an existing lien, the brand-new policy remaining in the amount of the current unpaid balance of the insolvency, the premium for the brand-new policy shall be at the standard rate, but a credit for half of said premium shall be enabled, 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 positioning the order for a brand-new Mortgagee Policy( ies). The date of Policy for the brand-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 provided on a Very first Lien, and other policy( ies) is issued on Subordinate Lien( s), created in the exact same deal, covering the exact same land or a part thereof, the premium for the First Lien policy will be calculated on the total of the combined liens