[HISTORY: Adopted by the Mayor and Council of the Borough of Atlantic Highlands 8-28-1979 by Ord. No. 755; amended in its entirety at time of adoption of Code (see Ch. 1, General Provisions, Art. I). Subsequent amendments noted where applicable.]
No insurance company authorized to issue fire insurance policies in the State of New Jersey shall pay any claim in excess of $2,500 on any real property located within the Borough of Atlantic Highlands pursuant to a fire insurance policy issued or renewed after adoption of this chapter and filing the same with the State Commissioner of Insurance, until such time as all taxes, assessments, other municipal liens or charges and costs of demolition due and payable appearing on an official certificate of search, shall have been paid either by the owner of such real property or the insurance company pursuant to N.J.S.A. 17:36-8 et seq. unless a municipality shall submit to the insurance company a copy of the resolution adopted pursuant to § 173-2 of this chapter.
The Borough of the Atlantic Highlands may enter into an agreement with the owner of any fire-damaged property to pay in full all delinquent taxes, assessments, other municipal liens or costs of demolition by installments pursuant to N.J.S.A. 54:5-19, or for the redemption of the tax sale lien by installment payments pursuant to Article VII of Chapter 5 of Title 54 of the Revised Statutes, if the Borough of Atlantic Highland is satisfied that the claim for fire damages is to be used to restore or improve the fire damaged property. An insurance company receiving a certified copy of a resolution of agreement from the governing body of the municipality is authorized to make full payment on the claim to the insured purpose.
Unless a resolution as provided above is received by an insurance company writing fire insurance policies within the Borough of Atlantic Highlands, said insurance company is hereby required prior to the payment of any claims for fire damages in excess of $2,500 to pay the municipality the amount of any liens and costs of demolition appearing on the official certificate and such reported liens or related charges as may be certified to the insurance company; provided, however, that 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 withhold 75% of the full amount of the lien or charge being contested pending termination of all proceedings at which time such moneys and all interest accruing thereon at a rate paid on interest-bearing accounts in banking institutions and savings and loan associations of the state shall be disbursed in accordance with final order of judgment of the court.
This chapter shall take effect upon final passage, approval and publication as required by law, provided that the Municipal Clerk shall cause a certified copy of this chapter to be filed with the State Commissioner of Insurance, and this chapter shall not be deemed effective until such time as said filing occurs.