[Adopted 6-27-1994 by Ord. No. 94-1]
This article is adopted pursuant to the terms of Act No. 1992-98
of the Pennsylvania General Assembly.[1]
[1]
Editor's Note: See 40 P.S. § 638.
The Borough Manager of the Borough of Jenkintown (the "Manager")
is hereby designated as the officer of the Borough authorized to carry
out the duties of this article under the terms of Act. No. 1992-98.
Whenever any building or structure in the Borough shall suffer fire damage or other loss as a result of a loss compensable under the terms of a policy of insurance against fire, and the loss agreed to between the named insured under such policy and the insurer equals or exceeds 60% of the aggregate limits of liability for all policies of insurance covering such building or structure, the insurer shall deposit the amounts required under § 94-11 with the Manager, to be applied as provided in § 94-12.
A.
The insurer shall deposit with the Manager for the purpose of ensuring the repair, removal or securing of any fire-damaged building or structure the following sums in the event of a fire loss under § 94-10 above:
(1)
One thousand dollars for each $20,000, or fraction thereof, of the
amount of the loss agreed between the named insured and the insurer;
or
(2)
The amount of a contractor's signed estimate, obtained by the
named insured, of the cost of repair, removal or securing of the fire-damaged
building or structure.
B.
In the event that there is more than one insurer, the amount to be
deposited shall be prorated among all such insurers.
C.
The Manager shall notify the named insured in writing of the receipt
of the funds deposited and the procedures to be followed in order
to secure release of the funds.
The amount deposited under § 94-11 shall be deposited into a separate fund to be used solely for the purpose of reimbursing the Borough for the actual costs incurred by the Borough of repairing, removing or securing any fire-damaged building or structure. When the named insured shall complete the repair, removal or securing of such fire-damaged building or structure in accordance with the provisions of Chapter 94, Fire Prevention, Article I, of the Code of the Borough of Jenkintown, the Borough shall return the funds to the named insured. In the event that the named insured shall fail to repair, remove or secure such fire-damaged building or structure in accordance with the provisions of Chapter 94, Fire Prevention, Article I, of the Code of the Borough of Jenkintown, the Borough shall use the funds on deposit to carry out such repair, removal or securing of such fire-damaged building or structure. Nothing herein shall be deemed to limit the liability of the owner of property in repairing, removing or securing any fire-damaged building or structure to the funds deposited or to the proceeds of any policy of fire insurance.
