[HISTORY: Adopted by the Common Council of the City of Egg Harbor City 4-11-1991 by Ord. No. 9-1991; amended in its entirety at time of adoption of Code (see Ch. 1, General Provisions, Art. I). Subsequent amendments noted where applicable.]
Pursuant to N.J.S.A. 17:36-8 et seq., 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 City of Egg Harbor City, 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 levied and assessed and 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; and
The insured person submits an official certificate, on a form prescribed and certified by the Tax Collector of the city, that demolition is not required or that the costs of demolition or anticipated demolition have been paid.
If a demolition has not yet occurred on the date of receipt of a request for an official certificate of search pursuant to this section, the insurer shall provide on that certificate an estimate of the anticipated costs of demolition. The insured, on notice, shall pay the anticipated cost of demolition to the city, which shall hold the funds in an interest-bearing escrow account in a state or federally charted bank, savings banks or savings and loan association in this state.
Any request for an official certificate of search for municipal liens shall specify that the search concerns fire-damaged property.
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 issue a draft payable to the court of record, to be held by the court in an interest-bearing escrow account in the state or federally chartered bank, savings bank or savings and loan association in the state, in an amount totaling 75% of the full amount of the lien or charge being contested, but not to exceed the proceeds payable under its insurance policy, and the insurance company shall issue a draft payable to the city for the remaining 25% of the lien or charge being contested, with the full amount paid by the insurance company to the court and the city, not to exceed the proceeds payable under its insurance policy, pending termination of all proceedings, at which time such moneys and all interest accruing thereon at a rate paid on interest-bearing accounts in state or federally chartered banks, savings bank or savings and loan association to the state shall be disbursed in accordance with the final order or judgment of the court.