justice.gov
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 need to 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 existing unsettled balance of said insolvency. The Company shall be furnished such evidence as it may require validating such unsettled 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 provided by factor of notes being allocated to individual systems in connection with a master policy covering the aggregate indebtedness, consisting of enhancements. Individual Mortgagee Policies should be released at the Basic Rates.

2. Subsequent to Mortgagee Policy - When a Mortgagee Policy( ies) is requested, for any factor 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 indebtedness, 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 enabled.

1. Subsequent to Mortgagee Policy - When an insolvent insurance provider is put in long-term receivership by a court of proficient jurisdiction and a Mortgagee Policy( ies) is requested on a lien currently covered by an existing Mortgagee Policy( ies) of said insolvent insurance provider, but not on a loan to use up, restore, extend or satisfy an existing lien, the new policy being in the amount of the current unpaid balance of the indebtedness, the premium for the brand-new policy will be at the basic rate, but a credit for half of stated premium shall be enabled, unless such credit would lower 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 putting the order for a 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
   
   When a Mortgagee Policy is provided on a Very first Lien, and other policy( ies) is provided on Subordinate Lien( s), created in the very same transaction, covering the exact same land or a part thereof, the premium for the First Lien policy shall be computed on the overall of the combined liens