[Added 6-14-2023 by Ord. No. 2023-05]
Pursuant to S.B. 1368, codified under N.J.S.A. 40A:10A-1 and 10A-2, the owner of a business or owner of a rental unit(s) 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.
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.
[Added 6-14-2023 by Ord. No. 2023-05]
All business owners, rental unit owners, and owners of multifamily homes of four or fewer units, one of which is owner-occupied, shall register a certificate of insurance as required by the aforementioned statute in the office of the Township Clerk on an annual basis, which office shall maintain a registry of certificates of insurance filed with it.
[Added 6-14-2023 by Ord. No. 2023-05]
The governing body is authorized to collect, 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.), a fine of not less than $500 but no more than $5,000 against an owner who failed to comply with the provisions of this chapter.