Title Talk Archive
Recent Rating Bureau Activity
      As members of the New Jersey Land Title Insurance Rating Bureau [“NJLTIRB”] the FNTG family of companies subscribes to the Rate and Form Manuals which the Rating Bureau submits to the Department of Banking and Insurance [“DOBI”] for approval. Recently NJLTIRB took the actions discussed below with respect to filed rates and forms. Other recent NJLTIRB activity includes technical revisions to the Rate Manual and to the texts of other endorsements.
  • Creditors’ Rights Endorsements. As a result of the withdrawal of the ALTA 21 and Creditors’ Rights Exclusion Endorsements (effective February 18), creditors’ rights coverage may no longer be lawfully provided in New Jersey. This action reflects the substantial risk of loss associated with the issuance of the endorsements.  
  • ALTA 9-06 & 9.3-06 Endorsements (Loan Policies -- “Restrictions, Encroachments & Minerals”).As of March 1, where either of these endorsements is issued in connection with non-residential property, the charge for same is no longer $25.00, but rather a sum equivalent to a 10% premium surcharge. The increased cost is intended to reflect the greater risk associated with commercial transactions.  
  • Arbitration Endorsement. The existing Arbitration Endorsement has been withdrawn (effective April 15) and replaced by a Waiver of Arbitration Endorsement, which conforms in concept to the version used in other states, such as New York. There is no charge for the issuance of the form.  
     NJLTIRB has been established pursuant to the provisions of the Title Insurance Act of 1974, N.J.S.A 17:46B-1 et seq. (as amended); see 17:46B-41 et seq. Although membership in the Rating Bureau is voluntary, most – if not all – title insurers doing business in New Jersey have elected to join. Once approved by DOBI, member insurers must abide by the filed rates and forms, unless an insurer has made a deviation filing, which must likewise be approved by DOBI. 
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