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.