When the loss agreed to between a named insured or insureds and a company or companies equals or exceeds sixty percent of the aggregate limits of liability on all fire policies covering the building or structure, the insurance company or companies, in accordance with Ohio R.C. 715.26(F), shall transfer from the insurance proceeds to the City Manager, in the aggregate, two thousand dollars ($2,000) for each fifteen thousand dollars ($15,000), and each fraction of that amount, of a claim, or if, at the time of a proof of loss agreed to between a named insured or insureds and an insurance company or companies, the named insured or insureds have submitted a contractor's signed estimate of the costs of removing, repairing or securing the building or other structure, the company or companies shall transfer from the insurance proceeds the amount specified in the estimate.
Such transfer of proceeds shall be on a pro rata basis by all companies insuring the building or other structure. Policy proceeds remaining after the transfer to the City shall be disbursed in accordance with the policy terms.
The named insured or insureds may submit a contractor's signed estimate of the costs of removing, repairing or securing the building or other structure after the transfer, and the City Manager shall return the amount of the fund in excess of the estimate to the named insured or insureds, provided that the City has not commenced to remove, repair or secure the building or other structure.
(Ord. 2341. Passed 10-12-92.)