[HISTORY: Adopted by the City Council of the City of Hackensack 11-18-1991 as Ord. No. 26-91. Amendments noted where applicable.]
An Insurance Fund is hereby established by and for the City of Hackensack.
Said Insurance Fund shall be used for the following purposes:
To insure the City of Hackensack, in whole or in part, against any loss or damage, however caused, to any property, motor vehicle, equipment or apparatus owned by it or owned by or under the control of any of its departments, boards, agencies or commissions.
To insure the City of Hackensack, in whole or in part, 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 the City of Hackensack, in whole or in part, 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.).
To provide the City of Hackensack, in whole or in part, with the necessary funding to pay obligations arising out of the city's responsibilities for payment of workers' compensation.
The Mayor and Council shall annually appropriate the moneys necessary for the purposes of this chapter.
The Mayor and Council shall annually designate the maximum or minimum amount of the fund, 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 Mayor and Council shall appoint three officials of the City of Hackensack to serve as Insurance Fund Commissioners and shall appoint a person to serve as secretary to the Insurance Fund Commission. The Commissioners shall hold office for two years or for the remainder of their term of office as officials, whichever shall be less, and until their successors shall have been duly appointed and qualified. The secretary shall serve at the pleasure of the Commission. The Commissioners shall serve without compensation. The salary of the secretary shall be set by ordinance as authorized by the Mayor and Council. Vacancies in the office of Insurance Fund Commissioners caused by any reason other than expiration of term as an official shall be filled for the unexpired term. Vacancies in the position of secretary shall be filled in the manner of the original appointment.
The Commissioners shall, forthwith after their appointment organize for the ensuing year by election from their membership of a Chairman who shall serve for the year.
The Commissioners shall have the following powers and authority.
Invest the fund and all additions and accretions thereto in such securities as they shall deem best suited for the purposes of this chapter.
Adopt rules and regulations for the control and investment of the fund.
Keep on hand at all times sufficient money, or 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 city, liability resulting from the operation of city-owned motor vehicles, equipment or apparatus or negligent actions of city officers, employees and servants.
Effect all insurance in the Insurance Fund or with any insurance company or companies authorized to do business in this state.
Premiums for insurance, whether carried in the Insurance Fund or placed with insurance companies, shall be paid to the Commissioners by the city, board, commission, department, committee or officer having charge or control of the property insured.
All insurance upon property owned or controlled by the city or any of its departments, boards, agencies or commissions shall be placed and effected by the Commissioners.
If provided by the rules and regulations of the Commission, the secretary to the Insurance Fund Commission shall be entrusted with the daily operation of the Insurance Fund and shall submit a report to the Commissioners at least once a month.
Nothing contained herein shall be interpreted to preclude the retention by the city of a qualified independent third-party administrator to advise and assist the Commission in the discharge of its duties.