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 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 insured should be as initially created, 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 present unsettled balance of said insolvency. The Company will be furnished such proof as it might need confirming such overdue balance, that the indebtedness 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 provided by reason of notes being assigned to specific units in connection with a master policy covering the aggregate insolvency, consisting of improvements. Individual Mortgagee Policies should be provided at the Basic Rates.

2. Subsequent to Mortgagee Policy - When a Mortgagee Policy( ies) is asked for, for any reason whatsoever, on a lien currently covered by an existing Mortgagee Policy( ies), however not on a renewal or extension thereof, the new policy remaining in the amount of the current unsettled balance of the insolvency, the premium for the brand-new policy will be at the Basic Rate, but 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 permanent receivership by a court of qualified jurisdiction and a Mortgagee Policy( ies) is requested 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 satisfy an existing lien, the new policy remaining in the amount of the current overdue balance of the indebtedness, the premium for the new policy will be at the fundamental rate, however a credit for half of said premium will be enabled, unless such credit would minimize 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 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 released on a First Lien, and other policy( ies) is released on Subordinate Lien( s), developed in the exact same deal, 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