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Home > Underwriting > TIRSA Rules > SECTION 1 - RATES AND RULES


  1. The rates herein are the rates for ordinary residential and commercial transactions for title insurance coverage provided by the standard forms of policies set forth in this manual. Unless specifically stated otherwise in this manual, or in a policy, endorsement or other form, residential real property means: (i) A one to four family dwelling; (ii) An individual condominium used as a dwelling: or (iii) An individual cooperative apartment/unit used as a dwelling.

  2. With the exception of simultaneously issued policies wherever set forth in this manual, the premium charged may not be less than the minimum charge shown in Part II of this manual.

  3. Premiums for policies shall be rounded to the nearest dollar. Forty-nine cents or less shall be rounded down and fifty cents and above shall be rounded up.

  4. "Company" as used herein means each Title Insurance Company to which this manual applies and any Title Insurance Agent acting on behalf of such Title Insurance Company in the transactions described herein.

  5. The Company, upon notification to its applicant, may decline to search, examine or insure any title, or to issue any endorsement to a policy. It may, at any time, in its sole discretion, refuse an application or cancel any unclosed application of the applicant, without liability on the part of the Company. Any such notification, refusal or cancellation shall be in writing.

  6. The Company may impose additional work charges in especially difficult titles. Extra charges may be made at or after the receipt of the application for examination of title which may involve additional tax lots, multiple chains of title, land under water, land in bed of streets, rights-of-way, driveways, easements, strips and gores, foreclosures, proceedings under federal bankruptcy or state insolvency related statutes, or which involve other unusual difficulties, or for unusual expenditures for travel, or for recording instruments, telephone, telegraph or delivery charges. The Company may impose additional charges for closing attendance in excess of two hours and for any closings extending beyond normal business hours and where additional attendances are necessary or travel arrangements and distance warrant.

  7. Nothing herein shall prohibit a Company from charging an additional special risk premium of up to 25% of the applicable premium for affirmative risk coverage(s) not contained in the endorsements contained in Part III, hereof provided, however, that such coverage is not inconsistent with Section 4, herein. A special risk premium in excess of 25% of the applicable premium must be approved in advance by the Superintendent of Insurance.

  8. The Company shall withhold delivery of the policy and have no liability until all applicable charges and the premiums and fees set forth in this manual have been paid in full. A policy, form, endorsement, guarantee, certificate or other service authorized in this manual which is ordered directly by an agency of, and for the use of, the United States Government may be delivered prior to payment therefore. Payment for such policy or other service shall be made by said agency of the United States Government not more than 60 days after delivery.

  9. All charges pursuant to this manual must be paid at the time of closing, unless otherwise set forth herein.

  10. All charges, fees and premiums set forth in this manual, pursuant to Section 2314 of the Insurance Law, are mandatory upon each Company upon approval by the Superintendent of Insurance, and cannot be waived, reduced or increased, except as provided in Paragraph F, Section 1 hereof or as provided in Section 2339 of the Insurance Law.

  11. A policy other than a mortgage policy, shall be issued only in the name of the present owner(s) of the insured estate. No additional party holding a separate estate or interest may be named as an insured "as its interest may appear".

    1. FOR ALL OWNER'S POLICIES: In the absence of a survey acceptable to the company the policy must contain the following language: "subject to any state of facts an accurate survey would show".

    2. FOR LOAN POLICIES: If the land is improved by other than a 1-4 family dwelling or is vacant land and in the absence of a survey acceptable to the Company, the policy must contain the following language: "subject to any state of facts an accurate survey would show".

  12. Whenever the terms "mortgage" or "loan" appear in this manual it shall mean an instrument creating a security interest in real property.

    1. A "construction loan", when used in this Rate Manual, shall include a building loan, a project loan or any other loan which is advanced in stages and for which the policy is down dated when each advance of loan proceeds is made.

    2. Every loan policy insuring a construction loan shall contain the following language, or language of similar import:

      Pending disbursement of the proceeds of the loan secured by the insured mortgage described herein this Policy insures only to the extent of the amount actually disbursed plus interest accured thereon but increases as disbursements are made in good faith and without knowledge of any defects in, or objections to, the title, up to the face amount of the policy. Title must be continued down to the date of each disbursement and the Company shall furnish to the mortgagee a continuation report, stating whether, since the date hereof or since the date of the last preceding continuation report, any liens or encumbrances have been recorded, whether any taxes, assessments or other charges of whatever nature which have become due and payable have been paid, and whether there are any additional title exceptions or objections, whether, if any updated survey is furnished, there are survey variations, encroachments or violations of setback, and whether there are any additional title exceptions or objections.

  Copyright 2006 by Monroe Title Insurance Corporation