The terms and provisions of N.J.S.A. 17:36-8
et seq. are hereby adopted by reference and incorporated herein as
if they were set forth with particularity, including all amendments
and supplements thereto.
No insurance company issuing fire insurance
policies in this state shall pay any claims for fire damages in excess
of $2,500 on any real property located within the City of Millville
until the insurance company and insured person comply with these regulations.
Unless the owner of the real property has paid
all of the unpaid moneys due the City or the City has adopted a resolution
authorizing installment payments pursuant to these regulations, the
insurance company is authorized and required to pay to the City the
amount of all anticipated demolition costs, taxes, assessments, and
other municipal liens or charges due and payable which appear on the
official certificate of search prior to the payment of the fire insurance
claim.
The governing body of the City may adopt a resolution
authorizing installment payments by the owner of any fire damaged
property for all moneys due under these regulations if it is satisfied
that the claim for fire damages is to be used to restore or improve
the fire damaged property. An insurance company receiving a certified
copy of a resolution of agreement from the governing body of the City
is authorized to make full payment on the claim to the insured person.
These regulations shall be applicable to any
fire insurance policy issued or renewed after the effective date of
this article and after the filing of the regulations with the State
Commissioner of Insurance. Nothing herein shall be interpreted to
alter or effect any other remedy available to the City under the laws
of the State of New Jersey.
