[Amended 5-25-2000 by Ord. No. 2000-13; 2-25-2016 by Ord. No. 2016-4]
No license shall be issued for a wrecker unless there is in force with respect to such vehicle a valid policy of insurance issued by an insurance company authorized to do business in the State of New Jersey with the following coverages and limits: general liability, $1,000,000 per occurrence/$2,000,000 aggregate; automobile liability $1,000,000 CSL, "any auto"; worker's compensation, statutory; employer's liability, $1,000,000; umbrella liability, $2,000,000; garage liability, $1,000,000 each accident; garagekeeper's legal liability, $500,000/on hook $100,000 ($1,000 deductible). Such insurance policies shall remain in force for the duration of each wrecker's license. All insurance policies shall contain an endorsement requiring that at least 60 days of prior written notice shall be given to the Township by the insurer of any intention not to renew such policy or to cancel, replace or materially alter the same. To be eligible for inclusion in the Police Department call list as provided for in §
362-20 hereof, each insurance policy referred to in this section shall specifically name the Township as an insured party. Proof of compliance with the requirements of this section shall be evidenced by a certificate of insurance issued by the insurance carrier at the time of application for the license.