City of Watertown, NY Chapter 180 Insurance

[HISTORY: Adopted by the City Council of the City of Watertown: Art. I, 8-7-1995 as L.L. No. 5-1995. Amendments noted where applicable.]

Article I Liens on Fire Insurance Proceeds

[Adopted 8-7-1995 as L.L. No. 5-1995]

§ 180-1 Title.

This Article shall be called "Liens on Fire Insurance Proceeds."

§ 180-2 Release of claim; restoration required; bonds.

A. The City of Watertown adopts the terms, conditions and procedures contained at § 22 of the New York State General Municipal Law, as amended, with regard to claims against fire insurance proceeds for liens imposed upon real property by or on behalf of the City of Watertown.

B. The city shall release or return to an insured any amounts to which the City of Watertown would otherwise be entitled to claim, provided that the insured agrees with the city, in writing, to restore the affected premises to the same, or improved, condition as it was in prior to the time that the city's lien against the proceeds arose.

C. This release shall be subject to approval by the City Council, which may set certain conditions to guarantee performance of such obligations, including but not limited to an agreement to deposit such proceeds in an escrow account and that the insured shall obtain a performance bond.