N.M. Admin. Code § 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.
Notes
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