[HISTORY: Adopted by the Borough Council of the Borough of Medford Lakes as indicated in article histories. Amendments noted where applicable.]
[Adopted 4-26-2023 by Ord. No. 696]
In accordance with and pursuant to P.L. 2022, c. 92, signed into law on August 5, 2022, owners of a business, rental unit(s), and/or multifamily homes of four or less units shall be required to have liability insurance as follows:
A. 
Owners of a business and/or rental unit(s) shall maintain a minimum of $500,000 in liability insurance for negligent acts and omissions.
B. 
Owners of multifamily homes of four or less units, one of which is owner-occupied, shall maintain a minimum of $300,000 in liability insurance for negligent acts and omissions.
C. 
The liability insurance for owners of businesses, rental unit(s), and/or multifamily homes of four or less units, one of which is owner-occupied, shall include, but is not limited to, coverage for property damage and bodily injury to or death of one or more persons in any one accident or occurrence.
All new insurance policies for businesses and/or rental unit(s) issued on or after November 3, 2022, shall comply with this article upon the effective date of this article. All insurance policies for businesses and/or rental unit(s) in force on November 3, 2022, that are renewed on or after February 1, 2023, shall comply with this article beginning on February 1, 2023. Beginning on February 1, 2023, all insurance policies issued and renewed on or after February 1, 2023, for multifamily homes of four or less units, one of which is owner-occupied, shall comply with this article.
Owners of a business, rental unit(s), and/or multifamily homes of four or less units, one of which is owner-occupied, which are located in the Borough shall register the certificate of insurance annually with the Borough Clerk by emailing same to insurancecertificate@medfordlakes.com.
There shall be no penalty issued by the Borough of Medford Lakes for any violation of this article. Those entities that may be subject to this article are advised that there may be state penalties or other legal implications if they violate the provisions of this article.
By filing an insurance certificate in accord with this article, no rights are conferred upon the filing entity. The filing of a certificate herein does not indicate that the underlying business or rental unit is legally operating with respect to zoning or other regulations of the Borough.