[HISTORY: Adopted by the Borough Council of the Borough of Royersford 11-10-1992 by Ord. No. 729; amended in its entirety 1-31-1995 by Ord. No. 740 (Ch. 1, Part 8, of the 1990 Borough Code of Ordinances). Subsequent amendments noted where applicable.]
Pursuant to Act 98 of 1992, as amended by Act 93 of 1994, the Borough of Royersford does hereby authorize and adopt the procedures described in Subsections (C) and (D) of § 508 of the Insurance Company Law of 1921, as amended, as adopted by Act 98 of 1992, and as amended by Act 93 of 1994.[1] This chapter and the procedures adopted shall apply to fire losses occurring subsequent to the adoption of this chapter.
[1]
Editor's Note: See 40 P.S. § 638(c) and (d), respectively.
The Borough Manager is designated as the municipal officer authorized to carry out the duties imposed by § 508 of the Insurance Company Law of 1921, as amended by Act 98 of 1992, and as further amended by Act 93 of 1994.
Upon receipt of proceeds by the Borough of Royersford pursuant to Subsections (C) and (D) of § 508 of the Insurance Company Law of 1921, as amended, as adopted by Act 98 of 1992, and as further amended by Act 93 of 1994,[1] the Borough Manager shall place said proceeds in a separate fund to be used solely as security against the total cost of removing, repairing or securing the building or other structure on the insured property incurred by the Borough of Royersford.
[1]
Editor's Note: See 40 P.S. § 638(c) and (d), respectively.
Upon receipt of the name and address of the named insured by the insurance company, association or exchange, the Borough Manager shall contact the named insured, certify that the proceeds have been received by the Borough of Royersford and notify the named insured that the procedures under the provisions of Act 98 of 1992, as amended by Act 93 of 1994, shall be followed. The fund shall be returned to the named insured when repairs, removal or securing of the building or other structure have been completed and the required proof received by the Borough Manager; provided, however, that if the Borough of Royersford incurs costs for repairs, removal or securing of the building or other structure, said costs shall be paid from the fund; and if any excess funds remain, the Borough Manager shall transfer the remaining funds to the named insured.
Upon adoption of this chapter, an exact copy of this chapter shall be filed with the Department of Community and Economic Development, together with the name, position and phone number of the Borough Manager as the municipal official responsible for compliance with this section.