Where the Township Treasurer issues a certificate indicating that there are delinquent taxes, assessments, penalties or user charges against the property, or that there are expenses which the township has incurred as costs for the removal, repair or securing of a building or other structure on the property, and shall render a bill therefor, the insuring agent shall transfer to the Treasurer an amount from the insurance proceeds sufficient to pay such sums prior to making payment to the named insured. The insuring agent shall further provide the Township Treasurer with the name and address of the named insured.
A. The transfer of proceeds shall be on a pro rata basis by all companies, associations or exchanges insuring the building or other structure.
B. Upon receipt of the transferred funds and the name and address of the named insured, the Township Treasurer shall contact the named insured and certify the amount and purpose of the proceeds received by the township.