Bulletin: NJ2016003

Dear Associates:

Changes have been made to the New Jersey Rate Manual effective February 15, 2016.  

New Endorsements: 

NJRB 5-169: ALTA Endorsement 9.6.1-06 (Private Rights - Current Assessments - Loan Policy): This endorsement insures the lender against loss or damage resulting from inaccuracies in the various items of affirmative insurance contained therein. The charge for the issuance of the endorsement for 1-4 family residential property shall be $25.00. Otherwise, the charge for the issuance of this endorsement shall be 10% of the underwriting charge for the loan policy, with a minimum of $100.00.

NJRB 5-170: ALTA Endorsement 19.2-06 (Contiguity Specified Parcels): This endorsement, when affixed to a loan policy, insures against loss or damage by reason of there being gaps, strips, or gores lying within or between specified Parcels of Tracts of the Land. The underwriting charge for the issuance of this endorsement shall be $50.00. In the case of simultaneously issued policies containing this endorsement, only a single charge shall be made.

NJRB 5-171: ALTA Endorsement 28.3-06 (Encroachments - Boundaries and Easements - Described Improvements and Land Under Development) (New Jersey Variation): This endorsement insures the lender against loss or damage sustained by reason of specific encroachments unless they are excepted in the policy. The charge for this endorsement is $25.00; please refer to the filed form for more specifics on the coverage.

Additionally, the following forms have been revised effective February 15, 2016:

NJRB 2-16: ALTA Loan Policy (6-17-06) (New Jersey Variation): This policy now incorporates the 9.10-6 (Restrictions, Encroachments, Minerals - Current Violations - Loan Policy - New Jersey Variation) and removes the reference to the 9-06 (Restrictions, Encroachments, Minerals - New Jersey Variation).

NJRB 5-113: ALTA Endorsement 15.2-06 (Non-imputation - Partial Equity Transfer) (6-17-06): The endorsement includes a technical change only.

The following Endorsements have been withdrawn and are no longer available after February 15, 2016: 

NJRB 5-95: ALTA Endorsement 9-06 (Restrictions, Encroachments, Minerals - Loan Policy) (New Jersey Variation)

NJRB 5-138: ALTA Endorsement 9.6-06 (Private Rights - Loan Policy) (New Jersey Variation)

Additionally, the following revisions have been made to the Manual of Rates and Charges: 

Page i: The last paragraph of this page has been revised to include additional language.

Section 10.10: This section has been revised to delete the 9.6-06 Private Rights - Loan Policy (New Jersey Variation) and instead include 9.6.1 Private Rights - Current Assessments - Loan Policy (New Jersey Variation). Additionally, the reference to the 9-06 Restrictions, Encroachments, and Minerals - Loan Policy (New Jersey Variation) has been deleted from this section as it is no longer available.

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

Agents please contact PropertyInfo Customer Care or your title production software vendor to get the new rates/forms changes implemented in your 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.