[HISTORY: Adopted by the Mayor and Council of the Borough of River Edge as indicated in article histories. Amendments noted where applicable.]
[Adopted 4-10-2023 by Ord. No. 23-8]
A. 
The owner of a business or the owner of a rental unit or units shall maintain liability insurance for negligent acts and/or omissions in an amount of no less than $500,000 for combined property damage and bodily injury to or death of one or more persons in any one accident or occurrence.
B. 
The owner of a multifamily home which is four or fewer units, one of which is owner occupied, shall maintain liability insurance for negligent acts and/or omissions in an amount of no less than $300,000 for combined property damage and bodily injury to or death of one or more persons in any one accident or occurrence.
The owner of a business, owner of a rental unit or units and the owner of a multifamily home of four or fewer units, one which is owner occupied, shall annually register a certificate of insurance with the Borough Clerk on or before February 1 of each year or within 30 days of obtaining ownership of the property.
There shall be an annual administrative fee in the amount of $100.
Failure to annually register a certificate of insurance on or before February 1 of each year shall result in a fine of $2,000, which shall be collected through a summary proceeding pursuant to the Penalty Enforcement Law of 1999, P.L. 1999, c. 274 (N.J.S.A. 2A:58-10 et seq.).