[HISTORY: Adopted by the Mayor and Council of the Borough
of Waldwick 2-14-2023 by Ord. No. 2023-01. Amendments noted where applicable.]
[Amended 7-18-2023 by Ord. No. 2023-15]
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 April 1 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.
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.
Failure to annually register a certificate of insurance on or
before February 1 of each year, of 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.).
