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 asked for, 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 need to 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 quantity of the present unsettled balance of stated insolvency. The Company shall be furnished such proof as it may require verifying such overdue balance, that the indebtedness is not in default and that there has been no velocity 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 allocated to specific units in connection with a master policy covering the aggregate indebtedness, including improvements. Individual Mortgagee Policies must be issued at the Basic Rates.

2. Subsequent to Mortgagee Policy - When a Mortgagee Policy( ies) is requested, for any reason whatsoever, on a lien currently covered by an existing Mortgagee Policy( ies), but not on a renewal or extension thereof, the new policy remaining in the amount of the existing overdue balance of the insolvency, the premium for the brand-new policy will be at the Basic Rate, however a credit for three-tenths (3/10) of stated premium might be permitted.

1. Subsequent to Mortgagee Policy - When an insolvent insurer is positioned in irreversible 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 insurer, but not on a loan to take up, renew, extend or satisfy an existing lien, the brand-new policy being in the amount of the existing unpaid balance of the indebtedness, the premium for the brand-new policy will be at the basic 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 shall 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 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 issued on a Very first Lien, and other policy( ies) is provided on Subordinate Lien( s), produced in the same transaction, covering the very same land or a part thereof, the premium for the First Lien policy will be calculated on the overall of the combined liens