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SECTION 13 - SIMULTANEOUS
ISSUE OF OWNER'S
AND LOAN OR CONSTRUCTION LOAN POLICIES
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When an owner's policy and a loan policy are issued simultaneously
covering identical property, the rate for the owner's policy shall
be the applicable owner's rate. The rate on the amount of the loan
policy that does not exceed the amount of the owner's policy shall
be calculated at thirty percent (30%) of the loan rate. The rate
on the amount of the loan policy in excess of the amount of the
owner's policy shall be calculated at the full loan rate.
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When an owner's policy and a policy insuring a construction loan
are issued simultaneously covering identical property, the rate
for the owner's policy shall be the applicable owner's policy rate.
The rate on the amount of the construction loan policy that does
not exceed the amount of the owner's policy shall be calculated
at thirty percent (30%) of the owner's rate. The rate on the amount
of the construction loan policy in excess of the amount of the owner's
policy shall be calculated at the full owner's rate.
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