Effective November 1, 2024 (Order 2024-8851)
realestatewhangarei.co.nz
R-6. Subsequent Issuance of Mortgagee Policy

1. Subsequent to Owner Policy - When a Mortgagee Policy( ies) is requested, subsequent to the issuance of an Owner Policy which excepted to the Vendor's Lien, the premium shall be one-half the Basic Rate. The lien to be insured must be as initially created, and excepted to in the Owner Policy, and not an extension or rearrangement thereof. Such Mortgagee Policy( ies) will be issued in the quantity of the existing unpaid balance of said indebtedness. The Company will be furnished such proof as it might need confirming such unsettled balance, that the indebtedness is not in default and that there has been no velocity of maturity. THIS RULE MAY NOT BE APPLIED in connection with the issuance of a series of Mortgagee Policies released by factor of notes being allocated to specific units in connection with a master policy covering the aggregate insolvency, consisting of improvements. Individual Mortgagee Policies need to be issued at the Basic Rates.

2. Subsequent to Mortgagee Policy - When a Mortgagee Policy( ies) is requested, for any factor whatsoever, on a lien already covered by an existing Mortgagee Policy( ies), however not on a renewal or extension thereof, the new policy being in the quantity of the present overdue balance of the indebtedness, the premium for the brand-new policy will be at the Basic Rate, however a credit for three-tenths (3/10) of said premium may be permitted.

1. Subsequent to Mortgagee Policy - When an insolvent insurance company is put in long-term receivership by a court of skilled jurisdiction and a Mortgagee Policy( ies) is asked for on a lien already covered by an existing Mortgagee Policy( ies) of said insolvent insurance company, but not on a loan to use up, renew, extend or please an existing lien, the brand-new policy remaining in the quantity of the current unsettled balance of the insolvency, the premium for the brand-new policy will be at the standard rate, however a credit for half of said premium will be enabled, unless such credit would minimize the premium to less than the minimum Basic Rate, in which case the rate will be the minimum Basic Rate. The insured shall give up the existing Mortgagee Policy( ies) to the Company when placing the order for a brand-new Mortgagee Policy( ies). The date of Policy for the new policy( ies) shall be the very same Date of Policy as the existing Mortgagee Policy( ies).
   
   R-7. Mortgagee Policies Covering First and Subordinate Liens Issued Simultaneously
   
   When a Mortgagee Policy is released on a Very first Lien, and other policy( ies) is issued on Subordinate Lien( s), developed in the very same transaction, covering the very same land or a part thereof, the premium for the First Lien policy shall be computed on the total of the combined liens