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PREMIUM RATE CHANGE MASSACHUSETTS
 

EFFECTIVE JULY 15, 2009
   
Consistent with our ongoing efforts to consolidate the various functions of the above four (4) underwiters, please find below a new title insurance Schedule of Rates for Massachusetts that introduces uniform premium rates for all of your transactions, regardless of which underwriter is used.

    As you can see, the primary changes consist of a uniform rate of $2.50/$1,000.00 for the first $1,000,000.00 of liability (which is reduction in the prior rate for Chicago & Ticor agents) for a Standard ALTA loan policy of title insurance and a uniform rate for both the ALTA "Standard" and "Homeowners" owners policies of title insurance.  It is our belief and goal that the ALTA Homeowners policy should be the routine owners policy that is  issued for residential 1-4 family properties; the ALTA Standard owners policy should be issued for residential properties of 5 units or more, commercial properties, vacant land, and new construction.


    An additional mailing on this subject will be sent in the next few days which will include a hard copy of the rate card.
If you have any questions please contact the Boston office at 800.848.4100.
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 ALTA Standard Owner (for Commercial, Vacant Land, New Construction &
Residential Properties of 5 units or more) and
ALTA Homeowners Policy (for Residential 1-4 Family Properties)Up to and including $1,000,000.00 of liability .............................$4.00 per $1,000.00
Over $1,000,000.00 and up to and including $2,000,000.00 .........$3.00 per $1,000.00
Contact the Company for transactions exceeding $2,000,000.00
 ALTA Standard Loan PolicyUp to and including $1,000,000.00 of liability ............................ $2.50 per $1,000.00
Over $1,000,000.00 and up to and including $2,000,000.00 .........$2.00 per $1,000.00
Contact the Company for transactions exceeding $2,000,000.00
 ALTA Expanded Coverage Residential Loan Policy Up to and including $1,000,000.00 of liability...............................$2.75 per $1,000.00
Over $1,000,000.00 and up to and including $2,000,000.00...........$2.25 per $1,000.00
Contact the Company for transactions exceeding $2,000,000.00
 
NOTE:  Premium for policies issued before July 15, 2009 should be calculated at the prior rate.  

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SIMULTANEOUS ISSUE RATE:  Owner's rate based on the purchase price plus $175.00 for the Loan policy (Standard or Expanded). 
 
MINIMUM PREMIUM:  The minimum premium for all Loan or Owner's policies is $100.00.
 
REISSUE RATE:  If a Loan policy has been previously issued for the mortgage being refinanced, then the rate for the new Loan policy may be discounted by 40%.  If the amount of the new Loan policy exceeds the amount of the prior Loan policy, then additional premium at the full rate should also be collected for that excess amount.
 
SOFTWARE:  All of the Software companies have been notified of the rate change. Please contact your individual software company in order for them to change your software.
 
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