[HISTORY: Adopted by the Township Council of the Township of Hamilton as Ch. 70, Art. II, of the 1994 Code of Ordinances. Amendments noted where applicable.]
There is hereby established within the Township an Insurance Fund for the following purposes:
To insure against any loss or damage, however caused, to any property, motor vehicles, equipment or apparatus owned by it or owned by or under control of any of its departments, boards, agencies or commissions.
To insure against liability resulting from the use or operation of motor vehicles, equipment or apparatus owned by or controlled by it or owned by or under the control of any of its departments, boards, agencies or commissions.
To insure against liability for its negligence and that of its officers, employees and servants, whether or not compensated or part-time, who are authorized to perform any act or services, but not including an independent contractor within the limitation of the New Jersey Tort Claims Act (N.J.S.A. 59:1-1 et seq.).
The Director of Finance, one local or elected official appointed by the Mayor and one member of the Township Council to be selected by the Council shall serve as Insurance Fund Commissioners. The Commissioners shall hold office for two years or for the remainder of their terms of office as officials, whichever shall be less, and until their successors have been duly appointed and qualified. The Commissioners shall serve without compensation.
The Insurance Fund Commissioners shall organize each year by election from the membership of a Chairman.
The Insurance Fund Commissioners shall have the following powers and authority:
To employ necessary clerical assistants, whose compensation shall be fixed and paid by the governing body of the local unit in the same manner as is that of other employees of the local unit.
To invest the fund and all additions and accretions thereto in such securities as it shall deem best suited for the purposes of this article.
To adopt rules and regulations for the control and investment of the fund.
To keep on hand at all times sufficient money, or have the money invested in such securities as can be immediately sold for cash, for the payment of losses to any buildings or property of the local unit or liability resulting from the operation of publicly owned motor vehicles, equipment or apparatus.
To fix reasonable rates of premium for all insurance carried by the Insurance Fund and effect all insurance in the Insurance Fund or with any insurance company authorized to do business in this state.
Premiums for insurance, whether carried in the Insurance Fund or placed with insurance companies, shall be paid to the Commissioners by the board, commission, department, committee or officer having charge or control of the property insured.
All insurance upon property owned or controlled by a local unit or any of its departments, boards, agencies or commissions shall be placed and effected by the Commissioners.
There shall be established the position of Secretary to the Insurance Fund Commissioners. The Secretary shall be appointed by the Mayor and shall serve at the pleasure of the Commission.
The annual salary of the Secretary shall not exceed $1 per year unless otherwise established by ordinance or resolution of the governing body.
Vacancies in the position of Secretary shall be filled in the manner of the original appointment.
The Mayor may designate the maximum or minimum amount of the Insurance Fund at the time of the preparation of the annual budget and, from time to time, provide for the disposition of any excess over and above the maximum amount fixed or of the interest or profits arising therefrom when the fund shall have reached the maximum limit.