[HISTORY: Adopted by the Borough Council of the Borough of
Caldwell 2-21-2023 by Ord. No. 1437-23; amended in its entirety 7-18-2023 by Ord. No. 1442-23. Subsequent amendments noted where applicable.]
A.
Except as provided in Subsection B of this section, the owner of a business or the owner of a rental unit or units 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 a certificate of insurance
with the Borough Clerk, on or before July 3l of each year or within
30 days of obtaining ownership of the property.
There shall be an annual administrative fee in the amount of
$25.
Failure to annually register a certificate of insurance on or
before July 31 of each year, or within 30 days of obtaining ownership
of the property, shall result in a fine of $500, which shall be collected
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.).
