[HISTORY: Adopted by the Township Committee of the Township of Kingwood 4-4-2013 by Ord. No. 17-08-2013. Amendments noted where applicable.]
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 Township of Kingwood pursuant to any fire insurance policy issued or renewed after the adoption of this chapter and the filing of this chapter with the State Commissioner of Insurance, until such time as:
All taxes and assessments and all other municipal liens or charges due and payable appearing on the official certificate of search for municipal liens pursuant to N.J.S.A. 54:5-12 shall have been paid either by the owner of such real property or by the insurance company; or
The insurance company receives an official certificate, on a form approved by the Township Committee and certified by the Clerk stating that there is no demolition required on the property or, alternately, that the costs of demolition have been paid. If the demolition has not yet occurred on the date of receipt by the Township of a request for execution of the certificate required by this section, the insured shall provide on that certificate an estimate of the anticipated cost of demolition to the Township, which shall hold the funds in an interest-bearing escrow account in a state or federally chartered bank, savings bank or savings and loan association in this state, as a guarantee that the demolition will be accomplished according to law. Any request, pursuant to this section for an official certificate of search for municipal liens shall specify that the search concerns fire-damaged property; or
The municipality submits to the insurance company a certified copy of a resolution adopted pursuant to § 78-2 of this chapter. In the event of such a resolution, a certified copy of said resolution shall be sent to the insurance company authorizing the insurance company to make full payment on the claim to the insured.
The Township Committee of the Township of Kingwood may be resolution enter into an agreement with the owner of any fire-damaged property situated in the Township of Kingwood 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 Article 7 of Chapter 5 of Title 54 of the Revised Statutes of New Jersey, if the Township Committee is satisfied that the claim for fire damages is to be used to restore or improve the fire-damaged property, or, alternately, if the full estimated cost of demolition has been paid to the municipality or the damaged structure has been demolished in accordance with law.
In the event of such a resolution's being adopted, a certified copy of said resolution shall be sent to the insurance company to make full payment on the claim to the insured.