No insurance company authorized to issue fire insurance
policies in the State of New Jersey, which issues or renews any fire
insurance policy after the adoption of this chapter and the filing
of the same with State Commissioner of Insurance, shall pay to any
claimant a sum in excess of $2,500 for fire damage on any real property
located within the Township of Long Beach until such time as:
All taxes and assessments and all other municipal
liens and charges due and payable to the Township of Long Beach as
is indicated on an official certificate of search for municipal liens
shall have been paid in full; or
However, if an appeal is taken on the amount of any
lien or charge, other than an appeal on the assessed valuation of
real property, the insurance company shall issue a draft payable to
the court of record, pursuant to N.J.S.A. 17:36-10, in an amount totaling
75% of the full amount of the lien or charge being contested and the
insurance company shall issue a draft payable to the Township of Long
Beach for the remaining 25% of the lien or charge being contested;
provided, however, that the amount paid by the insurance company to
the court and the municipality shall not exceed the proceeds payable
under its insurance policy.
The provisions of this chapter are intended
to be interpreted in conjunction with N.J.S.A. 17:36-8 through 17:36-13,
and the provisions of said statutes are herein incorporated by reference.