[Adopted 4-16-2001 by Ord. No. 747-01]
Any insurance company authorized to issue fire insurance policies in the State of New Jersey on real properties located within the Borough of Old Tappan is prohibited from paying to a claimant any claim in excess of $2,500 for fire damages on any real property located within the Borough of Old Tappan pursuant to any fire insurance policy issued or renewed after the final adoption of this article and after filing of same with the New Jersey State Commissioner of Insurance, until such time as anticipated demolition cost and all taxes and assessments and all other municipal liens or charges due and payable to the Borough of Old Tappan appearing on the official certificate of search shall have been paid by the owner of such real property or by the insurance company.
It shall be the responsibility of the claimant to inform his or her insurance carrier of its inability to accept payment pursuant to this article absent the satisfaction of all official liens as assessed to the subject property. The owner has an additional responsibility not to accept payment absent the satisfaction of all obligation to the Borough referred to herein.