[HISTORY: Adopted by the Council of the Township of Montclair 4-1-1986 by Ord. No. 86-16. Amendments noted where applicable.]
There is hereby established, pursuant to N.J.S.A. 40A:10-6 et seq., a township insurance fund 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, except the Board of Education.
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 contract within the limitations of the New Jersey Tort Claims Act (N.J.S.A. 59:11 et seq.).
The Township Council shall appropriate the moneys necessary to accomplish the purposes of this chapter. The Township Council may designate the maximum or minimum amount of funds and from time to time provide for the disposition of any excess over and above the maximum amount fixed, or of the interest or profits arising therefrom when the fund shall have reached the maximum limit.
The insurance fund shall be operated and supervised by three Commissioners, who shall be officials of the Township of Montclair and who may be members of the Township Council. The Commissioners shall be appointed by the Township Manager and shall serve for a period of two years or for the remainder of their terms of office as officials, whichever is less, and until their successors shall have been appointed and qualified. Vacancies caused by any reason other than expiration of term as an official shall be filled for the unexpired term. The Commissioners shall serve without compensation.
The Commissioners shall appoint a person to serve as Secretary to the Insurance Fund Commission, who shall serve at the pleasure of the Commission. The Secretary shall be paid a salary as set by ordinance of the Township Council.
The Commissioners shall, forthwith after their appointment, organize for the ensuing year by the election from their membership of a Chair who shall serve for one year.
The Commissioners shall have the following powers and authority:
To employ necessary clerical assistants, whose compensation shall be fixed and paid by the Township Council in the same manner as is that of other employees of the local unit.
To invest the fund, and all additions and accretions thereto, in such securities as they shall deem best suited for the purposes of this chapter.
To adopt rules and regulations for the control and investment of the fund.
To 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.
To fix reasonable rates for premiums for all insurance carried by the fund and effect all insurance to the insurance fund with any insurance company or companies authorized to do business in this state.
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 Commissioners, 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 Council members at least once a month.