(1) No Insuring Agent shall pay a claim of a named insured for fire damage to a structure located within the City if the amount recoverable for the fire loss to the structure under all policies exceeds seven thousand five hundred dollars ($7,500) unless the Insuring Agent is furnished with a certificate issued pursuant to subsection 9-1905(2), and unless the Insuring Agent complies with Section 9-1903.
(2) The City Treasurer (or designee) shall, upon the written request of the named insured specifying the tax description of the property, name and address of the Insuring Agent and the date agreed upon by the Insuring Agent and the named insured as the date of the receipt of a loss report of the claim, furnish the Insuring Agent either of the following within fourteen (14) working days of the request:
(a) a certificate or, at the City Treasurer's discretion, a verbal notification which shall be confirmed in writing by the Insuring Agent, to the effect that, as of the date specified in the request, there are no delinquent taxes, assessments, penalties or user charges against the property and that, as of the date of the certificate or verbal notification, no City agency has certified to the City Treasurer any amount as total costs incurred by such agency for the removal, repair or securing of a building or other structure on the property; or
(b) a certificate and bill showing the amount of delinquent taxes, assessments, penalties and user charges against the property as of the date specified in the request that have not been paid as of the date of the certificate and also showing, as of the date of the certificate, the amount of the total costs, if any, certified to the City Treasurer that have been incurred by any City agency for the removal, repair or securing of a building or other structure on the property.
(3) Upon the receipt of a certificate and bill issued pursuant to subsection 9-1905(2)(b), the Insuring Agent shall return the bill to the City Treasurer and transfer to the City Treasurer an amount from the insurance proceeds necessary to pay the taxes, assessments, penalties, charges and costs as shown on the bill. The City Treasurer shall receive the amount and see to it that the appropriate City agencies apply or credit it to the payment of the items shown in the bill.
Notes
| 1193 | Added and later Sections renumbered, Bill No. 1055 (approved June 28, 1995), 1995 Ordinances, p. 770. Section 3 of the Ordinance provides that it shall be effective as of the effective date of Act No. 93 of 1994, which amended Section 508 of the Insurance Company Law of 1921. Act No. 93 of 1994 became effective on January 11, 1995. |