[HISTORY: Adopted by the Township Committee of the Township of South Hackensack 12-8-2022 by Ord. No. 2022-05. Amendments noted where applicable.]
A. 
The owner of a business or the owner of a rental unit or units shall maintain liability insurance for negligent acts and/or omissions in an amount of no less than $500,000 for combined property damage and bodily injury to or death of one or more persons in any one accident or occurrence.
B. 
The owner of a multifamily home which is four or fewer units, one of which is owner occupied, shall maintain liability insurance for negligent acts and/or omissions in an amount of no less than $300,000 for combined property damage and bodily injury to or death of one or more persons in any one accident or occurrence.
C. 
The owner of a business, owner of a rental unit or units and the owner of a multifamily home of four or fewer units, one of which is owner occupied, shall annually register a certificate of insurance with the municipality earlier than February 1 of each year or within 30 days of obtaining ownership of the property.
D. 
There shall be an annual administrative fee in the amount of $25.
E. 
Failure to annually register a certificate of insurance on or before February 1 of each year shall result in a fine of $500, which shall be collected through a summary proceeding pursuant to the Penalty Enforcement Law of 1999, P.L. 1999, c. 274 (N.J.S.A. 2A:58-10 et seq.).