There is hereby established, pursuant to N.J.S.A. 40A:10-6 et seq.,
a township insurance fund for the following purposes:
A. 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.
B. 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.
C. 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.