[Adopted 12-14-2022 by Ord. No. 2022-13]
It is the purpose and intent of the Township to establish a
business insurance registration system within the Township to comply
with N.J.S.A. 40A:10A-1 et seq.
A.
Except as provided in Subsection B of this section, the owner of a business or the owner of a rental unit or units pursuant to N.J.S.A. 40A:10A-1 et seq. shall maintain liability insurance for negligent acts and omissions in an amount of no 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 a 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 business, 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 § 115-36 of this article with the Township of Oldmans.
For violation of any provision in this article, a fine of not
less than $500 but no more than $5,000 shall be imposed against an
owner who fails to comply with the provisions of this article.
