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Rating Bureau Activity:3 New Endorsements Approved

The New Jersey Land Title Insurance Rating Bureau ["NJLTIRB"] has received approval from the Dept of Banking and Insurance ["NJ DOBI"] for the issuance of 3 new endorsements, effective October 1, 2014.

The first (NJRB 5-161), known as the Anti-Taint End’t (ALTA No. 43-06), insures a lender against loss of priority in cases where a mortgage secures a debt comprised of two portions: a term loan and a revolving credit loan. The second (NJRB 5-162), the N.J. Contract Vendee’s End’t, insures a contract vendee against loss in the event it is unable to obtain a fee simple title upon compliance with the terms of the contract. The third (NJRB 5- 163), the N.J. Option End’t, insures an optionee against loss in the event it is unable to obtain a fee simple title upon compliance with the terms of the option. The charge for the issuance of each of the endorsements is a surcharge equivalent to 10% of the premium (with a minimum of $100.00).

It should be noted that rates, charges and forms are strictly regulated by DOBI, and the contents of the Rate Manual and the Form Manual have been approved by DOBI. Deviations therefrom may constitute a violation of the Title Insurance Act, N.J.S.A. 17:46B-1 et seq.

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