Bulletin: LA000018

Dear Associates:

When an ALTA Homeowner's Policy or ALTA Expanded Coverage Residential Loan Policy is issued simultaneously with another owner's or mortgagee's policy, the simultaneous issue rate shall be $35.

This does not affect the simultaneous rate on all other types of policies. Below is the new wording in the Louisiana Agents Manual.

Simultaneous Issuance of Owner's and Mortgagee's Policies

When an owner's policy and a mortgagee's policy are issued simultaneously, bearing the same date, and covering the same land (or a portion thereof) but no additional land, and the mortgagee's policy coverage is equal to or less than that of the owner's policy; the charge for the owner's policy shall be at the filed rate and a simultaneous issue rate of $30 shall be charged for the mortgagee's.

When the mortgagee's policy coverage exceeds that of the owner's policy, the premium for the owner's policy shall be at the filed rate and the additional coverage afforded on the mortgagee's policy shall be calculated using the mortgagee's policy filed rate, plus a $30 simultaneous issue fee.

When an ALTA Homeowner's Policy or ALTA Expanded Coverage Residential Loan Policy is issued simultaneously with another owner's or mortgagee's policy, the simultaneous issue rate shall be $35.

This provision does not apply to simultaneous first and second mortgage transactions; see special provisions for these transactions under Subordinate Mortgages.

This new rate will become effective September 1, 2006.

Thank you for your business and please call John Hall at 1-800-209-4675 x4 or Wayne McDonald at x3 with any questions.