[Adopted 3-5-2019 by Ord. No. 2019-1]
A. 
The owner of a rental unit or units shall maintain liability insurance for negligent acts and omissions in an amount of not less than $500,000 for combined property damage and bodily injury to or death of one or more persons in any one accident or occurrence.
B. 
The owner of multifamily home which is four or fewer units, one of which is owner-occupied, shall maintain liability insurance for negligent acts and omissions in an amount of no less than $300,000 for combined property damage and bodily injury to or death of one or more persons in any one accident or occurrence.
The owner of a rental unit or units, and the owner of a multifamily home of four or fewer units, one of which is owner-occupied, shall annually register the certificate of insurance demonstrating compliance with § 75-23 of this article with the municipality in which the rental units or multifamily home is located.
The Borough may enforce the registration provisions of this article through a summary proceeding pursuant to the "Penalty Enforcement Law of 1999," P.L. 1999, c. 274 (N.J.S.A. 2A:58-10 et seq.), and may collect a fine of not less than $500 but not more than $5,000 against an owner who failed to comply with the provisions of this act.