The owner of a business or the owner of a rental unit or units shall
maintain liability insurance for negligent acts and/or 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.
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/or 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 municipality, earlier than February 1 of each year or within
30 days of obtaining ownership of the property.
Failure to annually register a certificate of insurance on or before
February 1 of each year 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.)