§ 70-1Establishment of fund.
§ 70-3Regulations for insurance fund.
§ 70-4Establishment of Commission.
§ 70-5Powers and authority of Commissioners.
There is hereby established a municipal insurance fund which shall be known as the "City of Camden Municipal Insurance Fund."
The insurance fund shall be established 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.
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 contractor within the limitations of the New Jersey Tort Claims Act (N.J.S.A. 59:1-1 et seq.).
The Commission may enact regulations establishing the minimum and maximum amounts to be set aside in the insurance fund. It may also enact regulations dividing the fund into separate pools for ordinary and extraordinary obligations and establishing separate minimum and maximum amounts for each separate pool.
There is hereby established a Commission known as the "Insurance Commission of the City of Camden." The Commission shall consist of three Commissioners who shall be appointed by the Mayor with the advice and consent of this Council. The Commissioners shall hold office for two years or the remainder of their term of office, whichever shall be less, and until their successors shall be duly appointed and qualified. The Commission shall designate a person to act as Secretary to the Commissioners. The Secretary shall service at the pleasure of the Commissioners as provided by law. The Commissioners shall not receive compensation for the performance of their duties. Vacancies in the Commission shall be filled for the unexpired term.
The Commissioners of the City of Camden Insurance Fund shall have the following powers and authority:
To employ necessary clerical assistants, whose compensation shall be fixed and paid by the governing body of the local unit 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 to 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 of premium for all insurance carried by the insurance fund and to effect all insurance in the insurance fund or with any insurance company or companies authorized to do business in this state.
To review all reports of losses and claims submitted to the City of Camden.
To make recommendations to the Business Administrator and the various department heads with respect to measures or programs reasonably designed to reduce the city's exposure to loss or liability.
Premiums for insurance, whether carried in the insurance fund or placed with insurance companies, shall be paid to the Commissioners by the board, commission, department, committee or officer having charge or control of the property insured.
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.