1. Upon the receipt of a certificate pursuant to § 1-802.A. of this Part, the insurance company, association or exchange shall pay the claim of the named insured in accordance with the policy terms, unless the loss agreed to between the named insured and the insurance company, association or exchange equals or exceeds 60% of the aggregate limits of liability on all fire policies covering the building or other structure. In the case of such a loss, the insurance company, association or exchange, the insured property owner and the Borough of Marysville shall follow the procedures set forth in § 1-804 and § 1-805 of this Part.
2. Upon the receipt of a certificate and bill pursuant to § 1-802.B. of this Part, the insurance company, association or exchange shall return the bill to the Treasurer and transfer to the Treasurer an amount from the insurance proceeds necessary to pay the taxes, assessments, penalties, charges and costs as shown on the bill. The Borough of Marysville shall receive the amount and apply or credit it to payment of the items shown on the bill.
(Ord. 444, 6/7/1993, §2; as amended by Ord. 598, 9/10/2012)