[HISTORY: Adopted by the Mayor and Council of the Borough of Saddle River 3-20-2023 by Ord. No. 23-1052. Amendments noted where applicable.]
N.J.S.A. 40A:10A-1 et seq. requires all business owners, owners of rental units, and owners of a multifamily home of four or fewer units, one of which is owner occupied, to maintain certain levels of liability insurance. That law further requires municipalities to establish a registry of all such individuals and entities and to annually collect proof of compliance with the provisions of the law. The purpose of this chapter is to implement the requirements of the law within the Borough of Saddle River.
A. 
Except as provided in § 89-2B herein, business owners and owners of rental units located in the Borough of Saddle River must maintain liability insurance for negligent acts and omissions in an amount not 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. 
Owners of multifamily dwellings with four or fewer units, one of which is owner-occupied, must maintain liability insurance for negligent acts and omissions in an amount not 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.
Owners of business or rental units subject to the minimum liability insurance requirements set forth in this chapter must annually register with the Borough of Saddle River and provide a compliant certificate of insurance issued by the owner's insurance company. To complete the annual registration, the owner must file with the Municipal Clerk a completed registration, along with a copy of the required insurance certificate and an administrative fee of $50. The registration shall be in such form and shall include such information as is required by the Municipal Clerk. Annual registrations shall be due by January 31 of each calendar year, or within 30 days of registering the business or obtaining ownership of the rental units.
Upon satisfaction of the registration requirements in § 89-3 hereof, the Municipal Clerk shall issue a certificate of registration to the owner in a form approved by the Municipal Clerk. This certificate of registration shall act as proof of compliance with this chapter. A certificate of registration shall be valid for the calendar year in which it is issued.
If an owner fails to maintain the required level of insurance, or fails to file an annual registration, the owner shall be subject to penalties of $500 for a first offense, $1,000 for a second offense, and $2,000 for a third or subsequent offense. This penalty may be collected through a summary proceeding pursuant to the "Penalty Enforcement Law of 1999," N.J.S.A. 2A:58-10 et seq. Each year that an owner fails to register or fails to maintain adequate insurance shall be deemed a separate offense.