The New Jersey Department of Banking and Insurance Commissioner Steven M. Goldman has approved a restructuring of the title insurance rates for the New Jersey Land Title Insurance Rating Bureau (NJRB). This restructuring streamlines our underwriting rate schedules by combining the Reissue and Basic rates into a new rate known as the “Standard Rate”. Additionally, the Basic and Reissue Examination Charges have been combined into a single “Examination Charge”.
The new Standard Rate will apply to all owners, leasehold or mortgage insurance policies which do not qualify for the reduced Refinance, Construction or Modification rates. There has been no change to the Refinance, Construction or Modification rates.
The Standard Underwriting Rate Schedule.
Policy Liability: Rate per $1,000 or Fraction Thereof:
0 – $100,000 $5.00
$100,000 – $500,000 $3.95
$500,000 – $2 million $2.65
Over $2 million $2.00
The new Examination Charge is $100.00. For matters requiring search of an additional chain of title, the Examination Charge will be $100.00 for each additional chain.
Please take special note that as a result of this rate restructuring presentation by the applicant of an owner’s policy of title insurance is no longer required for any of the available underwriting rates in the NJRB Manual of Rates & Charges. Providing a copy of the owner’s policy, however will continue to be useful in eliminating matters affecting prior title holders.
These amendments apply to all orders or applications for title insurance received on or after March 1, 2009.
