|
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.
|