[Ord. No. 2023-04C, 1-24-2023]
It is the purpose of this chapter to comply with the requirements imposed upon the Borough by P.L. 2022, c. 92, which provides for the annual registration of certificates of insurance by business owners and the owners of rental units located in the Borough.
[Ord. No. 2023-04C, 1-24-2023]
A. 
As required by N.J.S.A. 40A:10A-1, and 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 not 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 contains four or fewer units, one of which is owner-occupied, shall maintain liability insurance for negligent acts and omissions in an amount of not 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.
[Ord. No. 2023-04C, 1-24-2023]
A. 
The owner of a business, the 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 file a copy of a certificate of insurance demonstrating compliance with P.L. 2022, c. 92, with the Borough Clerk.
B. 
The copy of the certificate of insurance shall be filed with the Borough Clerk no later than 30 days after the issuance or renewal of the policy or policies of insurance required to be maintained by said owner.
C. 
Upon filing of an insurance certificate, the Borough Clerk shall issue a certificate of registration to the owner stating the amount of coverage and the policy period of the insurance policy or policies evidenced by the certificate of insurance.
[Ord. No. 2023-04C, 1-24-2023]
Should P.L. 2002, c. 92, be repealed or invalidated by competent authority, this chapter shall have no further force or effect.