SECTION 18 - SIMULTANEOUS ISSUE OF OWNER'S
AND LEASEHOLD OWNER'S POLICIES

When owners' and leasehold owners' policies covering identical property are issued simultaneously, the rate for the owner's policy shall be at the applicable owner's rate. The rate for the leasehold owner's policy shall be thirty percent (30%) of the owner's rate up to the amount of the owner's policy. The rate on the amount of the leasehold owner's policy exceeding the amount of the owner's policy shall be calculated at the full owner's rate.