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Title Talk Newsletters
NJLTIRB Rate and Forms Manual Amended – Nov. 16, 2012
The New Jersey Land Title Insurance Rating Bureau [“NJLTIRB”] recently received approval from the Department of Banking & Insurance [“DOBI”] for certain revisions to the Rate and Form Manuals, effective Nov. 16, 2012. The following changes have been approved.
Form Manual Revisions: Revised Policy Form Adopted.
?ALTA Expanded Coverage Residential Loan Policy
(Rev’d 07-26-10) (NJ Variation) (NJRB 2-11) Form Manual Revisions: Existing Endorsement
Forms Revised.
?     ALTA End’t No. 9-06 (Restrictions, &c.) (NJRB-5- 95)
?     ALTA End’t No. 9.1-06 (Restrictions, &c. – Unimproved Land) (NJRB 5-96)
?     ALTA End’t No. 9.2-06 (Restrictions, &c. – Improved Land) (NJRB 5-97
     ALTA End’t No. 9.3-06 (Restrictions, &c.) (NJRB 5-98)
     ALTA End’t No. 13-06 (Leasehold Owner’s) (NJRB 5-105)
?     ALTA End’t No. 13.1-06 (Leasehold Loan) (NJRB 5-106)
The revisions discussed above are technical in nature and do not require changes in existing underwriting practices.
Form Manual Revisions: Existing Endorsement Forms Withdrawn.
?ALTA End’t No. 9.4-06 (Restrictions, &c. – Unimproved Land) is withdrawn.
?ALTA End’t No. 9.5-06 (Restrictions, &c. – Improved Land) is withdrawn.
Form Manual Revisions: New Endorsement Forms Adopted.
?     ALTA End’t No. 3.2-06 (Zoning – Land Under Dev’t) (NJRB 5-137)
?     ALTA End’t No. 9.6-06 (Private Rights) (NJRB 5- 138)
?     ALTA End’t No. 9.7-06 (Restrictions, &c. – Land Under Dev’t) (NJRB 5-139)
?     ALTA End’t No. 9.8-06 (Covenants, &c. – Land Under Dev’t) (NJRB 5-140)
?     ALTA End’t No. 28.1-06 (Encroachments – Boundaries & Easements (NJRB 5-141)
?     ALTA End’t No. 34-06 (Identified Risk Coverage) (NJRB 5-142)
?     ALTA End’t No. 35-06 (Minerals, &c. – Bldgs) (NJRB 5-143)
?     ALTA End’t No. 35.1-06 (Minerals, &c. – Improvements) (NJRB 5-144)
?ALTA End’t No. 35.2-06 (Minerals, &c. – Described Improvements (NJRB 5-145)
?     ALTA End’t No. 35.3-06 (Minerals, &c. – Minerals, &c. – Under Dev’t) (NJRB 5-146)
?ALTA End’t No. 36-06 (Energy Project – Leasehold / Easement – Loan) (NJRB 5-147)
?     ALTA End’t No. 36.1-06 (Energy Project – Leasehold / Easement – Owner’s) (NJRB 5- 148)
?     ALTA End’t No. 36.2-06 (Energy Project – Leasehold – Owner’s) (NJRB 5-149)
?     ALTA End’t No. 36.3-06 (Energy Project – Leasehold – Loan) (NJRB 5-150)
?     ALTA End’t No. 36.4-06 (Energy Project – Covenants, &c.-- Land Under Dev’t – Owner’s)(NJRB 5-151)
?     ALTA End’t No. 36.5-06 (Energy Project – Covenants, &c. – Land Under Dev’t – Loan) (NJRB 5-152)
 
?   ALTA End’t No. 36.6-06 (Energy Project – Encroachments) (NJRB 5-153) Rate Manual Revisions; Existing Sections Revised.
?         §4.8. “Enhanced Coverage Policies & Endorsements”. Certain endorsements are incorporated by reference in the loan policy only.
?    §4.9. “Balloon Loan Ltd. Modification Policy”. Premium for same is increased to $200.00, plus an examination charge of $100.00, in addition to pass-through charges.
?    §5.6. “Continuations”. Charge is increased from $45.00 to $50.00. Reference to continuation searches for construction mortgage advances is deleted because of the previous adoption of ALTA End’t No. 33-06 (“Disbursement”), discussed in Rate Manual §10.73.
?    §10.10. “ALTA 9-06 & 9.3-06; Restrictions, &c.”. This section is expanded to refer to ALTA End’ts Nos.9.6-06 and 9.7-06 as well.
?    §10.22. “ALTA 9.1-06 & 9.2-06; Restrictions, &c.” This section is expanded to refer to ALTA End’ts Nos. 9.8-06 as well. References to ALTA End’ts Nos. 9.4- 06 and 9.5-06 are deleted, as these forms have been withdrawn.
?    §10.43. “ALTA 13-06 & 13.1-06; Leasehold.” The charge for issuance of either of these end’ts is increased from zero to $25.00.
?    §10.62. “ALTA 22-06; Location”. This section has been amended to confirm that the endorsement may only be issued in connection with a loan policy. Rate Manual Revisions; New Sections Added.
?    §§ 10.76 through 10.89 (inclusive). These new sections discuss the new endorsements listed above.
As noted above, the changes to the Rate and Form Manuals became effective on Nov. 16, 2012, and apply to applications for title insurance received on or after that date. Rates, charges and forms are strictly regulated by DOBI under the provisions of the Title Insurance Act, N.J.S.A. 17:46B-1 et seq. The contents of the Rate Manual and the Form Manual have been approved by DOBI under the terms of the Act.
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