§ 9-1904.  Administration of Fire Insurance Escrow Accounts.
   (1)   After the transfer of proceeds under subsection 9-1903(1)(a), and if the City has not commenced to remove, repair, or secure the building or other structure, then the named insured may submit to the Commissioner a contractor's signed estimate of the costs of removing, repairing or securing the building or other structure, and the Commissioner shall then return to the named insured the amount of proceeds transferred to the City in excess of such estimate. Any such estimate must include the name, address and City business income and receipts tax account number of the contractor. 1121
   (2)   When repairs, removal or securing of the building or other structure have been completed in accordance with all applicable laws and regulations, and when proof of such completion has been received by and in form satisfactory to the Commissioner, then the transferred proceeds shall be returned to the name insured, provided the City has not incurred any costs for repairs, removal or securing of the building or other structure. If the City has incurred such costs, including, but not limited to, any engineering, legal, police or administrative costs incurred in connection with such removal, repair or firefighting costs incurred as a result of the building or other structure not being secured in a timely manner as ordered by the Department, then such costs shall be paid from the transferred proceeds, and if any transferred proceeds remain, the City shall return such remainder to the named insured.

 

Notes

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   Amended, Bill No. 110758 (approved December 21, 2011), effective May 1, 2012.