Closings glossary

Reissue rate

A reduced premium for a property previously insured within the look-back window set by the filed rate schedule. The prior policy, or a copy of it, is the proof required.

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What is a reissue rate on a title policy?

Quick Answer

A reissue rate is a discounted title premium available when the property was insured under a prior policy within a defined look-back period and proof of that policy is produced. New York's filed schedule sets the discount, so the saving depends on documentation rather than on asking.

The full definition

A reduced premium for a property previously insured within the look-back window set by the filed rate schedule. The prior policy, or a copy of it, is the proof required.

Which related terms should you know?

These are the terms that come up alongside reissue rate in the same file.

Premium (title insurance): The one-time charge for a title policy, computed from the filed New York rate schedule by amount of insurance, plus any endorsement and search-related charges.
TIRSA: The rate service organization whose filed manual sets New York title insurance premiums, endorsement charges and the reissue and simultaneous issue rules.
Title insurance: Insurance against loss from title defects that existed before the policy date. New York premiums come from a filed rate schedule, so the figure is calculated rather than negotiated.
CEMA (Consolidation, Extension and Modification Agreement): An agreement in which an existing mortgage is assigned and consolidated with new financing rather than being satisfied and re-recorded. It requires the current lender's cooperation and extra lead time.
Simultaneous issue: Issuing an owner's policy and a lender's policy together on one transaction, which reduces the charge for the loan policy under the filed New York rate schedule.

Where does reissue rate come up in a New York City closing?

A Queens owner refinancing four years after purchase produces the 2022 owner's policy, and the new loan policy is written at the reissue rate.

What else should you read before closing?

Questions this raises

Closing checklists

Refinance and CEMA closing checklistA New York refinance has no deed and no owner’s policy. It turns on the payoff, lien priority, the lender’s policy and whether a CEMA is available.

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Legal Disclaimer: This page is general information about New York practice. It is not legal advice, it does not account for the terms of any particular contract, building or transaction, and reading it does not create an attorney-client relationship. This is attorney advertising. Prior results do not guarantee similar outcomes.