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A master policy may be issued to cover an area divided or intended to be divided into condominium units or parcels of real estate for subdivision or resale. A master policy is a convenient alternative to ordering a policy for each individual unit or parcel in a development. The entire development is researched, and a take-off policy is issued as each unit or parcel is sold off. The rate to be charged is computed the same as owner’s policies.

Take-off policies covering said units or parcels are issued at a charge of $50.00 for each take-off policy. The insurance under the master policy is reduced by the same amount of each subsequently issued take-off policy so that the aggregate amount of such take-off policies cannot at any time exceed the amount of insurance purchased for the master policy. Additional insurance increasing the master policy may be purchased at the cumulative applicable rate bracket.

Please call a Runkel Abstract title agent with questions on master policies and take-offs.

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