Pursuant to Act 98 of 1992, as amended by Act 93 of 1994, the
Borough of Royersford does hereby authorize and adopt the procedures
described in Subsections (C) and (D) of § 508 of the Insurance
Company Law of 1921, as amended, as adopted by Act 98 of 1992, and
as amended by Act 93 of 1994. This chapter and the procedures adopted shall apply to
fire losses occurring subsequent to the adoption of this chapter.
The Borough Manager is designated as the municipal officer authorized
to carry out the duties imposed by § 508 of the Insurance
Company Law of 1921, as amended by Act 98 of 1992, and as further
amended by Act 93 of 1994.
Upon receipt of proceeds by the Borough of Royersford pursuant
to Subsections (C) and (D) of § 508 of the Insurance Company
Law of 1921, as amended, as adopted by Act 98 of 1992, and as further
amended by Act 93 of 1994, the Borough Manager shall place said proceeds in a separate
fund to be used solely as security against the total cost of removing,
repairing or securing the building or other structure on the insured
property incurred by the Borough of Royersford.
Upon receipt of the name and address of the named insured by
the insurance company, association or exchange, the Borough Manager
shall contact the named insured, certify that the proceeds have been
received by the Borough of Royersford and notify the named insured
that the procedures under the provisions of Act 98 of 1992, as amended
by Act 93 of 1994, shall be followed. The fund shall be returned to
the named insured when repairs, removal or securing of the building
or other structure have been completed and the required proof received
by the Borough Manager; provided, however, that if the Borough of
Royersford incurs costs for repairs, removal or securing of the building
or other structure, said costs shall be paid from the fund; and if
any excess funds remain, the Borough Manager shall transfer the remaining
funds to the named insured.
Upon adoption of this chapter, an exact copy of this chapter
shall be filed with the Department of Community and Economic Development,
together with the name, position and phone number of the Borough Manager
as the municipal official responsible for compliance with this section.