[HISTORY: Adopted by the Mayor and Council of the Borough of Lavallette. Amendments noted where applicable.]
Pursuant to N.J.S.A. 17:36-8 et seq., no insurance company shall pay a claimant in excess of $2,500 for a fire insurance claim on any real property located within the Borough of Lavallette pursuant to any fire insurance policy issued or renewed after the adoption of this chapter and the filing of same with the State Commissioner of Insurance until such time as:
All taxes, assessments and other municipal liens or charges due and payable appearing on the official certificate of search have been paid, either by the owner of such property or by the insurance company in accordance with the provisions of N.J.S.A. 17:36-8; or
The Borough adopts a resolution in accordance with N.J.S.A. 17:36-11.
The Borough Clerk shall file a certified copy of this chapter with the State Commissioner of Insurance following its final adoption and publication.