N.M. Admin. Code § 13.14.6.12

Current through Register Vol. 35, No. 21, November 5, 2024

Section 13.14.6.12 - SUBDIVIDERS OR CONSTRUCTION BULK RATE QUALIFICATIONS

An insured owner qualifies for a subdivider or construction bulk rate only if the owner acquires title directly from a person who meets at least one of the following conditions:

A. owns of record at the same time two or more lots in the same approved subdivision holding the same for immediate sale upon completion of building improvements thereon;

B. owns two or more unsold vacant lots or acreage tracts at the same time in the same approved subdivision and has contracted with the insurer to purchase an owner's policy on each and every lot or tract as the same is sold; or

C. is the owner of record of two or more lots or tracts in the same approved subdivision, and:

(1) is a subdivider or builder who subdivides property for one to four family residential property use; or

(2) builds one to four family residential property for immediate resale upon completion of improvements and said lots or tracts are restricted to or zoned for one to four family residential property use or actually improved by one to four family residential property use at the time the policy is issued.

N.M. Admin. Code § 13.14.6.12

6-16-86; 13.14.6.12 NMAC - Rn, 13 NMAC 14.6.12, 5-15-00, Adopted by New Mexico Register, Volume XXXI, Issue 24, December 29, 2020, eff. 1/1/2021