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SECTION 20 - BULK FEE, LEASEHOLD, AND LOAN POLICIES ON CONDOMINIUM UNITS AND
RESIDENTIAL SUBDIVISIONS
The rates set forth herein shall apply only to the initial sale, loan, or
lease of any such condominium unit or subdivision lot following the creation of
the condominium or residential subdivision.
- Whenever application is made for an individual owner's, leasehold and/or loan
policy on condominium units or residential subdivision lots, either of which is
shown on a condominium plan or residential subdivision map of at least 10 units,
the following rate may be applied if the base fee title or a blanket mortgage
covering the condominium or residential subdivision was previously insured.
- Owner's or leasehold owner insurance: Charge seventy percent (70%) of the
applicable owner's rate.
- Loan insurance: Charge seventy percent (70%) of the applicable loan rate.
- Simultaneous issue of fee owner's (or leasehold owner's) and loan policies
(Covering Identical Premises): Charge the rate set forth in paragraph (1) above
for the owner's (or leasehold owner's) policy. For the amount of the loan policy
up to the amount of the owner's policy, charge thirty percent (30%) of the rate
set forth in (2) above. For the amount of the loan policy in excess of the amount
of the owner's policy, charge the rate set forth in (2) above.
- Simultaneous issue of owner's and leasehold owner's policies (Covering Identical
Premises): Charge the rate set forth in paragraph (1) above for the owner's
or leasehold owner's policy. For the amount of the leasehold owner's policy
up to the amount of the owner's policy, charge twenty-one percent (21%) of the
owner's rate. For the amount of the leasehold policy in excess of the amount
of the owner's policy, charge seventy percent (70%) of the owner's rate.
- Simultaneous issue of two or more loan policies (Covering Identical Premises):
Charge the loan rate set forth in paragraph (2) above based on the aggregate
amount of the mortgages to be insured.
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