1541.04 OBLIGATIONS OF INSURER UPON RECEIPT OF CERTIFICATE UNDER SECTION 1541.02 (b).

   Upon the receipt of a certificate and bill under Section 1541.02(b), the insurance company association or exchange shall return the bill to the treasurer and transfer to the treasurer an amount from the insurance proceeds necessary to pay the taxes, assessments, penalties, charges and costs as shown on the bill. The municipality shall receive the amount and apply or credit it to payment of the items shown on the bill. In addition, if 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, then the insurer, 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.)