Pursuant to P.L. 1978, c. 184, a municipality may adopt an ordinance regulating the payment of
an insurance claim in excess of $2,500.
No insurance company authorized to issue fire insurance policies in
this state shall pay any claim in excess of $2,500 on any real property located
within the Township of Waterford pursuant to any fire insurance policy issued
or renewed after the adoption of this Article and after the filing of said
Article with the State Commissioner of Insurance, unless or until the insured
person submits an official certificate of search for municipal liens pursuant
to N.J.S.A. 54:5-12 certifying that all taxes, assessments or other municipal
liens or charges levied and assessed and due and payable against said property
have been paid and that demolition is not required or that costs of demolition
have been paid.
The governing body may enter into an agreement with the owner of any
fire-damaged property to permit said owner to pay in full all delinquent taxes
or municipal liens by installments if said governing body is satisfied that
the claim for fire damage is to be used to restore or improve the fire-damaged
property.