There is hereby established within the Township an Insurance
Fund for the following purposes:
A. 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.
B. 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.
C. 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 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.