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Home > Underwriting > TIRSA Rules > SECTION 11 - COOPERATIVE LEASEHOLD INSURANCE

SECTION 11 - COOPERATIVE LEASEHOLD INSURANCE

  1. The only policy forms to be used in connection with cooperative leasehold insurance as set forth in Section 10 are the approved ALTA Owner's Policy with the TIRSA Cooperative Endorsement (Owner's) and the approved ALTA Loan Policy with the TIRSA Cooperative Endorsement (Loan).

  2. The charge for the aforesaid policies shall be seventy percent (70%) of the owner's or loan rate.

  3. When a cooperative leasehold owner's policy and a cooperative leasehold loan policy are issued simultaneously covering identical property, the rate applicable to the cooperative leasehold owner's policy shall be seventy percent (70%) of the owner's policy rate. The rate on the amount of the cooperative leasehold loan policy that does not exceed the cooperative leasehold owner's policy shall be calculated at thirty percent (30%) of the loan rate. The rate on the amount of the cooperative leasehold loan policy in excess of the cooperative leasehold owner's policy shall be calculated at the loan rate set forth in (B) above.

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