N.M. Admin. Code § 13.14.8.14

Current through Register Vol. 35, No. 20, October 22, 2024

Section 13.14.8.14 - RESTRICTIONS, ENCROACHMENTS, AND MINERALS ENDORSEMENTS

A. Upon being furnished with a satisfactory survey:

(1) NM form 50 and NM form 50.1 may be attached to a loan policy;

(2) NM form 56 and NM form 56.1 may be attached to an owner's policy covering unimproved land;

(3) NM form 57 and NM form 57.1 may be attached to an owner's policy covering improved land; and

(4) NM Forms 50, 50.1, 56, 56.1, 57, and 57.1 shall not be attached to policies issued on one to four family residential property.

B. Each endorsement is to be issued only in conjunction with the issuance of survey coverage pursuant to Subsection C of 13.14.5.12 NMAC.

C. Paragraph (3) (b) of NM form 50, Paragraph 4 of NM form 50.1, Paragraph (2) of NM form 56 and NM form 56.1, Paragraph (2) (b) of NM form 57, or Paragraph 3 of NM form 57.1, as appropriate, may be deleted by the insurer, in its discretion, if the insurer deems the risk of issuing minerals coverage to be unacceptable.

N.M. Admin. Code § 13.14.8.14

4-3-95; 13.14.8.14 NMAC - Rn, 13 NMAC 14.8.14, 5-15-00; A, 09-15-10, Adopted by New Mexico Register, Volume XXXI, Issue 24, December 29, 2020, eff. 1/1/2021, Amended by New Mexico Register, Volume XXXIII, Issue 02, January 26, 2022, eff. 2/1/2022