DEFINITION: Reissue credit is a discount towards the title premium when a copy of the prior policy is given to the title insurance agent before closing, under limited circumstances. The prior policy provides the base title information to the person searching the title.
The LIMITED CIRCUMSTANCES for the reissue credit are the following:
1. Policies issued with an effective date of less than three years after the effective date of the policy for improved property;
2. Policies on real property which is unimproved except for roads, bridges, drainage and utilities facilities, and utilities, and a time limit does not apply;
3. Refinance transactions, and a time limit does not apply.
The reissue credit is based on the value of the prior policy up to the new amount of insurance for the transaction.
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