§ 151.09 INSURANCE PROCEEDS; HOW HANDLED.
   (A)   If there are proceeds of any insurance policy based upon a covered claim payment made for damage or loss to a building or other structure caused by or arising out of any fire, explosion or other casualty loss, the following procedure is established for the payment of up to 25% of the insurance proceeds, as set forth in this section. This section shall apply only to a covered claim payment that is in excess of 50% of the face value of file policy covering a building or other structure.
      (1)   The insurer shall withhold from the covered claim payment up to 25% of the covered claim payment, and shall pay such monies to the city to deposit into an interest-bearing account. Any named mortgages on the insurance policy shall maintain priority over any obligation under this chapter.
      (2)   The city shall release the proceeds and any interest that has accrued on such proceeds received under subsection (1) of this section to the insured or as the terms of the policy and endorsements thereto provide within 30 days after receipt of such insurance monies, unless the city has instituted legal proceedings under the provisions of division (F) of § 151.08. If the city has proceeded under the provisions of division (F) of § 151.08, all monies in excess of that necessary to comply with the provisions of division (F) of § 151.08 for the removal, securing, repair and clean up of the building or structure and the lot on which it is located, less salvage value, shall be paid to the insured.
   (B)   If there are no proceeds of any insurance policy as set forth in division (A) of this section, at the request of the taxpayer, the tax bill may be paid in installments over a period of not more than ten years. The tax bill from the date of its issuance shall be a lien on the property and a personal debt against the property owner(s) until paid.
   (C)   This section shall apply to fire, explosion or other casualty loss claims arising on all buildings and structures.
   (D)   This section does not make the city a party to any insurance contract, and the insurer is not liable to any party for any amount in excess of the process otherwise payable under its insurance policy.
   (E)   The Building Commissioner may certify that, in lieu of payment of all or part of the covered claim payment under division (A) above, that it has obtained satisfactory proof that the insured has removed or will remove the debris and repair, rebuild, or otherwise make the premises safe and secure. In this event, the Building Commissioner shall issue a certificate within 30 days after receipt of proof to permit covered claim payment to the insured without the deduction pursuant to division (A) above. It shall be the obligation of the insured or other person making the claim to provide the insurance company with the written certificate provided for in this division (E).
(Prior Code, § 505.090)