In accordance with Ohio R.C. 3929.86 when a fire loss occurs with regard to any building or structure within the corporate limits of the municipality, it shall be the duty of the Municipal Administrator to secure an estimate of the loss incurred. When such loss exceeds 60% of the aggregate limits of liability on all fire policies covering the buildings or structures, the insurance company or companies in accordance with Ohio R.C. 715.26 (F) shall be notified by the Municipal Administrator in writing to transfer from the insurance proceeds to the designated officer, Municipal Administrator, of the municipal corporation in the aggregate $1,000 for each $20,000, and each fraction of that amount of a claim. If at the time of a proof of loss agreed to between the named insured or insureds in the insurance company or companies the named insured or insureds have submitted a contract of signed estimate of the cost of removing, repairing, or securing the building or other structure, the Municipal Administrator shall authorize the insurance companies to transfer from the insurance proceeds the amount specified in the estimate. Such transfer of proceeds shall be on a prorated basis by all companies insuring the building or other structure. Policy proceeds remaining after the transfer to the municipal corporation shall be dispersed in accordance with the policy terms. The named insured or insureds may submit a contract or signed estimate of the cost of removing, repairing, or securing the building or other structure after the transfer, and the designated officer shall return the amount of the fund in excess of the estimate to the named insured or insureds, provided that the municipal corporation has not commenced to remove, repair, or secure the building or other structure.
(1980 Code 36.02; Ord. 13-81.)