1. Upon the receipt of a certificate pursuant to § 504(A), the insurer 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 insurer 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 insurer, the insured property owner and the Township shall follow the procedures set forth in §§ 506 and 507 of this Part.
2. Upon the receipt of a certificate and bill pursuant to § 504(B) of this Part, the insurer 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 Township shall receive the amount and apply or credit it to payment of the items shown in the bill.
(Ord. 65, 5/2/2002, § 5)