N.M. Code R. § 13.14.9.32

Current through Register Vol. 35, No. 11, June 11, 2024

Section 13.14.9.32 - SIMULTANEOUS ISSUE MULTIPLE OWNER'S POLICIES ON SAME LAND

When two or more owner's policies, including leasehold owner's policies, covering the same land are:

A.issued simultaneously to different insureds, the applicable owner's rate shall apply to the policy in the largest amount; or

B.issued to different insureds where a policy is issued in one transaction and one or more policies are issued within 30 days in a subsequent transaction or transactions, provided,

(1)each transaction covers identical land;

(2)all conveyances relating to the land to be insured in the subsequent transaction(s) are recorded no more than 30 days after the conveyances of the first transaction are recorded and all policies are issued by the same title insurer or title insurance agency no later than 30 days after the first transaction; and

(3)an owner's policy is issued insuring the interest of each and every owner created by the subsequent transaction(s), the premium for the first policy shall be the applicable owner's rate in effect as of the date of the first policy. If any subsequently issued policy exceeds the amount of insurance written in the first policy, the premium for the difference must be computed at the basic premium rates by brackets.

N.M. Code R. § 13.14.9.32

4-1-96; 13.14.9.32 NMAC - Rn, 13 NMAC 14.9.11.3, 5-15-00, Adopted by New Mexico Register, Volume XXXI, Issue 24, December 29, 2020, eff. 1/1/2021