1541.03 OBLIGATIONS OF INSURER UPON RECEIPT OF CERTIFICATE UNDER SECTION 1541.02 (a).

   Upon the receipt of a certificate or confirmed verbal notification under Section 1541.02(a), the insurance company, association or exchange shall pay the claim of the named insured in accordance with the policy terms, unless the loss agreed to between the named insured and the company, association or exchange equals or exceeds sixty per centum (60%) of the aggregate limits of liability on all fire policies covering the building or other structure. In the case of such a loss, the insurance company, association or exchange, the insured property owner and the Borough shall follow the procedures set forth in Sections 1541.05 to 1541.11.
(Ord. 3083.  Passed 3-16-98.)