Bulletin: NJ2015001

Dear Associates:

Changes have been made to the New Jersey Rate Manual effective February 15, 2015. We are happy to announce that two of these changes include the long awaited introduction of the ALTA 8.2 Commercial Environmental Protection Lien Endorsement along with a new Survey (Without Survey) Endorsement for Condominiums. Please take the opportunity to familiarize yourself with the updated Rate Manual and the changes, which the Department of Banking and Insurance has approved for use in New Jersey effective February 15, 2015:

New Endorsements:

10.97    Survey Endorsement (Without Survey) For Residential Condominiums

The charge for issuance with a loan or owner's policy is $25. This endorsement provides for issuance of a survey endorsement without survey for residential condominiums and co-ops. In the case of simultaneously issued policies, only a single charge for this endorsement shall be made.

10.98    ALTA 8.2-06 - COMMERCIAL ENVIRONMENTAL PROTECTION LIEN

The charge for the issuance of this endorsement shall be $100.00. This endorsement provides limited environmental coverage for the insured lender when land is being used primarily for commercial purposes to the extent that it protects the mortgage priority against any environmental protection liens of record as of the Date of Policy.

Additionally, the following policies have been changed effective February 15, 2015:

NJRB 2-14: Short Form Expanded Coverage Residential Loan Policy One-To-Four Family

This policy has been revised to change the policy reference from the Residential Loan Policy 07-26-10 to the Residential Loan Policy 12-02-13.

NJRB 5-66: New Jersey Successors and Transferees Coverage Endorsement

This endorsement has been revised to amend the definition of insured within several policies including the ALTA Owner's Policy Revised 10/17/92, ALTA Residential Policy (1979), ALTA Residential Policy 6/1/87, ALTA Enhanced Coverage Policy 1/5/98, ALTA Homeowner’s Policy 10/17/98 and ALTA Owner's Policy 6/17/06. Some of the amended definitions of insured now include those who succeed to the interest of the named insured by operation of law, trustees or beneficiaries under inter vivos or testamentary trusts (provided certain conditions are met), transferees for no or nominal stated consideration (provided certain conditions are met), beneficiaries inheriting due to death of the named insured and a spouse receiving title due to the dissolution of marriage. Please refer to the endorsement for specific changes and application.

The following Endorsements have technical corrections that are now updated for the February 15, 2015, rate manual:

Endorsement 29-06, Interest Rate Swap Endorsement - Direct Obligation

Endorsement 29.1-06, Interest Rate Swap Endorsement - Additional Interest

Endorsement 29.2-06, Interest Rate Swap Endorsement - Direct Obligation - Defined Amount

Endorsement 29.3-06, Interest Rate Swap Endorsement - Additional Interest - Defined Amount

Pricing for all endorsements as approved by the New Jersey Department of Banking and Insurance [NJDOBI] is set forth in the Rate Manual.

If you are using AIM+, please contact PropertyInfo Customer Care to get the new rate manual changes implemented to your AIM+ system.

If you have any questions relating to this or other bulletins, please contact the Alabama State Office for assistance.

For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.