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 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 released in the amount of the current unpaid balance of said indebtedness. The Company shall be provided such proof as it may need verifying 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 private units in connection with a master policy covering the aggregate indebtedness, including improvements. 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), however not on a renewal or extension thereof, the brand-new policy remaining in the amount of the existing unsettled balance of the insolvency, the premium for the new policy shall be at the Basic Rate, but a credit for three-tenths (3/10) of said premium may be enabled.

1. Subsequent to Mortgagee Policy - When an insolvent insurance company is placed in irreversible receivership by a court of competent jurisdiction and a Mortgagee Policy( ies) is requested on a lien already covered by an existing Mortgagee Policy( ies) of stated insolvent insurance company, but not on a loan to take up, renew, extend or please an existing lien, the brand-new policy being in the amount of the present overdue balance of the insolvency, the premium for the new policy shall be at the standard rate, however a credit for one-half of stated premium shall be enabled, unless such credit would reduce the premium to less than the minimum Basic Rate, in which case the rate shall be the minimum Basic Rate. The insured will surrender 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 same Date of Policy as the existing Mortgagee Policy( ies).
   
   R-7. Mortgagee Policies Covering First and Subordinate Liens Issued Simultaneously
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   When a Mortgagee Policy is issued on a First Lien, and other policy( ies) is provided on Subordinate Lien( s), created in the very same deal, covering the very same land or a part thereof, the premium for the First Lien policy shall be computed on the overall of the combined liens