The municipality hereby agrees to replace or repair meters that fail to register accurately or otherwise fall into disrepair. All customers of the system shall keep all service meters and supply wires insured for the benefit of the municipality against fire or other casualty and hereby designate the Superintendent, his or her agent or attorney in fact to collect from the insurance carrier the reasonable value of the meter or supply wire and deduct the value from payment to be made to the insured under the policy, and provided further, if the customer carries no insurance on the premises or place where the meter is set, the customer hereby consents and agrees to reimburse the municipality for the replacement value of the meter or supply wire in the event of destruction by fire or otherwise.
(1972 Code, § 3-619)