(A) Whenever any building or structure located in the village is damaged or destroyed by fire and a policy or policies of insurance are in force and the loss agreed to between the insured(s) and insurance company(s) is more than $5,000 and equals or exceeds 60% of the aggregate limits of liability on all fire policies covering the building or structure on the property, then the applicable provisions of R.C. § 3929.86 shall apply and its provisions and procedures are hereby adopted.
(B) The Village Administrator is designated to accept monies transferred to the village from the insurance company(s) in compliance with R.C. § 3929.86.
(C) The Village Administrator upon receipt of proceeds shall deposit them in a separate fund with the Village Fiscal Officer and such funds shall be used solely as security against the total cost of removing, repairing or securing buildings on structures pursuant to the village authority under R.C. § 715.261.
(D) The Village Administrator shall certify by written notice to the named insured(s) that the proceeds have been received and that the following procedures will be followed: The fund shall be returned to the named insured or insureds when repairs, removal, or securing of the building or other structure have been completed and the required proof has been received by the Village Administrator has not incurred any costs for the repairs, removal, or securing. However, the fund shall be returned to the named insured or insureds no later than 60 days after the Village Administrator receives the required proof. If the Village has incurred any costs for repairs, removal, or securing of the building or other structure, the costs shall be paid from the fund, and if excess funds remain, the village shall transfer, no later than 60 days after all such costs have been paid, the remaining funds to the named insured or insureds. Nothing in this section shall be construed to limit the ability of the village to recover any deficiency or R.C. § 715.261.
(Res. 26-2019, passed 11-12-19)