[HISTORY: Adopted by the Mayor and Council of the Borough
of Riverton 11-16-2022 by Ord. No. O-2022-08. Amendments noted where applicable.]
In accordance with and pursuant to P.L. 2022, c. 92,[1] signed into law on August 5, 2022, owners of a business,
rental unit(s), and/or multifamily homes of four or less units shall
be required to have liability insurance as follows:
A.
Owners
of a business and/or rental unit(s) shall maintain a minimum of $500,000
in liability insurance for negligent acts and omissions.
B.
Owners
of multifamily homes of four or less units, one of which is owner
occupied, shall maintain a minimum of $300,000 in liability insurance
for negligent acts and omissions. A multifamily home of four or less
which is not owner occupied are not exempt from showing proof of liability
insurance, and they must obtain and register liability insurance of
$500,000.
C.
The liability
insurance for owners of a businesses, rental unit(s), and/or multifamily
homes of four or less units, one of which is owner occupied, shall
include, but is not limited to, coverage for property damage and bodily
injury to or death of one or more persons in any one accident or occurrence.
[1]
Editor's Note: See N.J.S.A. 40A-10A-1 et seq.
All new insurance policies, for businesses and/or rental unit(s),
issued on or after November 3, 2022, shall comply with this chapter
upon the effective date of this chapter. All insurance policies, for
businesses and/or rental unit(s), in force on November 3, 2022, that
are renewed on or after February 1, 2023, shall comply with this chapter
beginning on February 1, 2023. Beginning on February 1, 2023, all
insurance policies issued and renewed on or after February 1, 2023,
for multifamily homes of four or less units, one of which is owner
occupied, shall comply with this chapter.
Owners of a business, rental unit(s), and/or multifamily homes
of four or less units, one of which is owner occupied, which are located
in the Borough shall register the certificate of insurance annually
with the Borough Clerk. There shall be an annual fee as provided for
in the fee ordinance, at the time the liability insurance is registered
with the Borough Clerk.
Any owner who fails to comply with this chapter may be subject
to a fine not less than $500, but no more than $5,000. The Code Enforcement
Official may bring this action in Municipal Court or Superior Court
as a summary proceeding under the "Penalty Enforcement Law of 1999,"
P.L. 1999, c. 274 (N.J.S.A. 2A:58-10 et seq.), and any penalty monies
collected shall be paid to the Borough of Riverton.
This chapter shall be effective upon proper passage and approval
in accordance with the law.
