Source: https://ecode360.com/11265957
Timestamp: 2020-01-19 04:04:38
Document Index: 473777562

Matched Legal Cases: ['§ 198', '§ 198', '§ 198', '§ 198', '§ 198', '§ 198', '§ 198']

Borough of North Arlington, NJ INSURANCE
Ch 198 Art I Fire Insurance Claims
§ 198-1 Conditions for payment of claims; anticipated costs of demolition.
§ 198-2 Requests for certificate of search.
§ 198-3 Appeals.
§ 198-4 Installment payments.
Chapter 198 INSURANCE
Fire Insurance Claims (§ 198-1 — § 198-4)
[Adopted 5-3-1988 by Ord. No. 1423 (Ch. 119, Art. I, of the 1984 Code); amended in its entirety at time of adoption of Code (see Ch. 1, General Provisions, Art. I). Subsequent amendments noted where applicable.]
Conditions for payment of claims; anticipated costs of demolition.
Requests for certificate of search.
Pursuant to N.J.S.A. 17:36-8 et seq., no insurance company authorized to issue fire insurance policies in the State of New Jersey shall pay to a claimant any claim in excess of $2,500 for fire damages on any real property located within the Borough of North Arlington pursuant to any fire insurance policy issued or renewed after the adoption of this article and the filing of this article with the State Commissioner of Insurance, until such time as:
The municipality submits to the insurance company a copy of a resolution adopted pursuant to § 198-4 of this article.
If an appeal is taken on the amount of any lien or charge other than an appeal on the assessed valuation of real property pursuant to N.J.S.A. 54:3-21, the insurance company shall issue a draft payable to the court of record to be held by the court in an interest-bearing escrow account in the state or federally chartered bank, savings bank or savings and loan association in the state in an amount totaling 75% of the full amount of the lien or charge being contested, but not to exceed the proceeds payable under its insurance policy, and the insurance company shall issue a draft payable to the municipality for the remaining 25% of the lien or charge being contested with the full amount paid by the insurance company to the court and the municipality not to exceed the proceeds payable under its insurance policy pending termination of all proceedings, at which time such moneys and all interest accruing thereon at a rate paid on interest-bearing accounts in state or federally chartered banks, savings bank or savings and loan association to the state shall be disbursed in accordance with the final order or judgment of the court.
The Mayor and Borough Council of the Borough of North Arlington may by resolution enter into an agreement with the owner of any fire-damaged property situated in the Borough of North Arlington to pay in full all delinquent taxes, assessments or other municipal liens by installments pursuant to N.J.S.A. 54:5-19 or for the redemption of a tax sale lien by installment payments pursuant to N.J.S.A. 54:5-65 et seq. or for the payment in full of any anticipated costs of demolition by installment, if the Borough Council is satisfied that the claim for fire damages is to be used to restore or improve the fire-damaged property.