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 shall 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 provided in the quantity of the current unsettled balance of said insolvency. The Company shall be provided such evidence as it might need validating such overdue balance, that the indebtedness is not in default which there has been no velocity of maturity. THIS RULE MAY NOT BE APPLIED in connection with the issuance of a series of Mortgagee Policies released by reason of notes being allocated to individual systems 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 already covered by an existing Mortgagee Policy( ies), however not on a renewal or extension thereof, the new policy being in the quantity of the present unpaid balance of the insolvency, the premium for the new policy shall 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 requested on a lien already covered by an existing Mortgagee Policy( ies) of stated insolvent insurance provider, but not on a loan to take up, renew, extend or satisfy an existing lien, the brand-new policy being in the quantity of the current unsettled balance of the indebtedness, the premium for the brand-new policy will be at the basic rate, but a credit for half of said premium will be permitted, unless such credit would reduce the premium to less than the minimum Basic Rate, in which case the rate will be the minimum Basic Rate. The insured will surrender the existing Mortgagee Policy( ies) to the Company when placing 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 Issued Simultaneously
   
   When a Mortgagee Policy is released on a First Lien, and other policy( ies) is issued on Subordinate Lien( s), created in the same transaction, covering the very same land or a part thereof, the premium for the First Lien policy shall be calculated on the overall of the combined liens