There shall be an Insurance Fund Commission established within the Department
of Finance. The Commission shall be constituted and shall have such functions,
powers and duties as provided by general law.
Pursuant to P.L. 1979, c. 230, and such other laws as may be applicable, the City of Paterson
("city") hereby establishes an 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 the city, or
under the control of any of the city's departments, boards, agencies
or commissions.
B. To insure against liability resulting from the use or
operation of motor vehicles, equipment or apparatus owned by or controlled
by the city or owned by or under the control of any of the city's departments,
boards, agencies or commissions.
C. To insure against liability for the city's 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 contractor within the limitations of the New Jersey Tort Claims
Act (N.J.S.A. 59:1-1 et seq.).
The minimum amount of the insurance fund hereby established shall be
four hundred thousand dollars ($400,000.) and the maximum amount shall be
two million dollars ($2,000,000.). The Municipal Council, from time to time,
shall 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 reach the maximum limit.
The Insurance Commission so established within the Department of Finance
shall consist of three (3) officials of the local unit, who may be members
of the governing body, who shall be appointed by the Mayor as provided by
law. The terms, powers and the authority of the Commissioners shall be in
accordance with the applicable general laws.
A Secretary may be appointed if necessary.
Vacancies are filled pursuant to N.J.S.A. 40A:10-8.