On or after May 1, 2013 that the premium for all Closing Protection Coverage (“CPC”) issued for orders received will increase by $5.00 per Covered Party. As such, the minimum CPC premium per transaction will be $40.00 dollars.
This coverage, which is limited to a specific transaction, provides the covered party with certain protection as set forth in Form CP-24 against fraud, misapplication of funds or failure to comply with written closing instructions by the Licensed Agent (an agent licensed and authorized to issue title insurance in the State of Ohio for the Company) subject to the provisions contained therein. The Rate for the issuance of this coverage shall be forty dollars ($40.00) for a lender, its successors and assigns, as their interest may appear, fifty-five dollars ($55.00) for seller(s), twenty dollars ($20.00) for buyer(s)/borrower(s) and twenty dollars ($20.00) for each additional applicant for title insurance. Minimum Premium $40.00 and this Rate is remitted in its entirety to the Insurer (which for purposes of this section does not include the Issuing or the Licensed Agent). The premium shall be earned when funds or documents are deposited with the Licensed Agent.