[Added 12-28-2023 by Ord. No. 2023-18]
As used in this article, the following terms shall have the
meanings indicated:
A document issued by an insurance company licensed to do
business in the State of New Jersey including the policy holder's
name, the address of the covered property, the policy effective and
expiration of dates, the type of coverage, the policy limits, the
policy carrier and the names of any additionally insured parties.
The owner of a business, a rental unit, or rental units located
in the Borough shall be required to register a certificate of insurance
annually by January 1 of each year with the Municipal Clerk.
A.
The owner of any business located in the Borough shall file a certificate
of insurance in an amount no less than $500,000 for combined property
damage and bodily injury to or death of one or more persons in any
accident or occurrence.
B.
The owner of a rental unit or units, with the exception of multifamily
homes containing four or fewer units, one of which is owner occupied,
located in the Borough shall file a certificate of insurance in an
amount no less than $500,000 for combined property damage and bodily
injury to or death of one or more persons in any accident or occurrence.
C.
The owner of multifamily home containing four or fewer units, one
of which is owner-occupied, located in the Borough shall file a certificate
of insurance in an amount no less than $300,000 for combined property
damage and bodily injury to or death of one or more persons in any
accident or occurrence.
(Reserved)
