[HISTORY: Adopted by the City Council of the City of Long Branch 8-13-1985 by Ord. No. 1233 (Sec. 2-32 of the 1971 Code). Amendments noted where applicable.]
There is hereby established in the City of Long Branch the Long Branch Self Insurance Fund.
The Fund established in § 84-1 herein shall be for the following purposes:
To insure against any loss or damage however caused to any property, motor vehicles, equipment or apparatus owned by it or owned by or under the control of any of its departments, boards, agencies or commissions.
To insure against liability resulting from the use or operation of motor vehicles, equipment or apparatus owned by or controlled by it or owned by or under the control of any of its departments, boards, agencies or commissions.
To insure against liability for its negligence and that of its officers, employees and servants, whether or not compensated or part-time, who are authorized to perform any act or services, but not including an independent contractor within the limitations of the New Jersey Tort Claims Act (N.J.S.A. 59:1-1 et seq.), including public officials liability.
The Mayor and City Council shall appropriate such funds as are necessary to accomplish the purposes for which the Long Branch Self Insurance Fund is established.
[Amended 6-25-1991 by Ord. No. 14-91]
Beginning in the 1991 budget year the Mayor and City Council shall appropriate for the Self Insurance Fund the amount of moneys they deem appropriate to accomplish the purposes for which the Long Branch Self Insurance Fund is established.
The Mayor and City Council may from time to time provide for the disposition of any excess over and above the maximum amount fixed herein or of the interest or profits arising therefrom when the Fund shall have reached the maximum limit.
Upon adoption of the Fund, the Mayor shall appoint three officials of the city, who may be members of the governing body, to serve as Insurance Fund Commissioners. He shall also appoint a person to serve as Secretary to the Commission. The Commissioners shall hold office for two years or the remainder of their term of office as officials, whichever shall be less, and until their successors shall have been duly appointed and qualified. The Commissioners shall serve without compensation. The salary of the Secretary shall be set by the salary ordinance authorized by the City Council.
Vacancies in the office of Insurance Fund Commissioners caused by any reason other than expiration of term as an official shall be filled for the unexpired term. Vacancies in the position of Secretary shall be filled in the manner of the original appointment.
The Commissioners shall have the following powers and authority:
Employ necessary clerical assistants, whose compensation shall be fixed and paid by the City Council in the same manner as is that of other employees of the local unit.
Invest the Fund and all additions and accretions thereto in such securities as they shall deem best suited for the purposes of this section.
Adopt rules and regulations for the control and investment of the Fund.
Keep on hand at all times sufficient money, or have the same invested in such securities as can be immediately sold for cash, for the payment of losses to any buildings or property of the local unit or liability resulting from the operation of publicly owned motor vehicles, equipment or apparatus.
Fix reasonable rates of premium for all insurance carried by the Insurance Fund, and shall effect all insurance in the Insurance Fund or with any insurance company or companies authorized to do business in this state.
Premiums for insurance, whether in the Insurance Fund or placed with insurance companies, shall be paid to the Commissioners by the board, commission, department, committee or officer having charge or control of the property insured.
All insurance upon property owned or controlled by a local unit or any of its departments, boards, agencies or commissions shall be placed and effected by the Commissioners.
If provided by the rules and regulations of the Commission, the Secretary to the Insurance Fund Commission shall be entrusted with the daily operation of the Insurance Fund and shall submit a report to the Commissioners at least once a month.