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The proceeds which must be transferred as required in Section 1511.02 shall be done on a pro rata basis by all companies insuring the building or other structure. Police proceeds remaining after the transfer to the City shall be disbursed in accordance with the policy terms. (Ord. 1981-154. Passed 12-2-81.)
When transferring the funds as required by this chapter, the insurance company or companies making such transfer shall provide the Chief Building Inspector with the name and address of the named insured or insureds, certify that the proceeds have been received by the City, and notify such named insured or insureds of such transfer and the procedures created by this chapter with respect to the ultimate disposition of the funds so transferred. The Chief Building Inspector simultaneously shall deposit the proceeds with the Director of Finance who shall place the proceeds in a separate fund to be used solely as security incurred by the City pursuant to Ohio R. C. 715.261.
(Ord. 1981-154. Passed 12-2-81.)
As soon as is reasonable, but in no event later than ninety days following the receipt of the name and address of the named insured or insureds, as required by Section 1511.04, the Chief Building Inspector shall provide the named insured or insureds with a complete and detailed list of all actions which must be taken with respect to the fire damaged building or structure so as to permit the release of all insurance funds which are being held by the City. Upon receipt of such list 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, whereupon the Chief Building Inspector shall cause to be transferred to the named insured or insureds the amount of the fund in excess of said estimate, provided that the City has not commenced to remove, repair or secure the building or other structure.
(Ord. 1981-154. Passed 12-2-81.)
Funds held by the City pursuant to this chapter shall be paid to the named insured or insureds when repairs, or removal or securing of the building or other structure have been completed and the required proof received by the designated officer, if the City has not incurred any costs for such repairs, removal or securing. If the City has incurred any costs for repairs, removal or securing of the building or other structure, such costs shall be paid from the fund and if excess funds remain, the City shall transfer the remaining funds to the named insured or insureds. Nothing in this section shall be construed to limit the ability of the City to recover any
deficiency under Ohio R.C. 715.261.
(Ord. 1981-154. Passed 12-2-81.)
Whoever violates any provision of this chapter is guilty of a fourth degree misdemeanor as defined in Section 501.99 of the Codified Ordinances.
(Ord. 1981-154. Passed 12-2-81.)