When the loss agreed to between the named insured and the company, association or exchange equals or exceed sixty per centum (60%) of the aggregate limits of liability on all fire policies covering the building or other structure, the insurance company, association or exchange shall transfer from the insurance proceeds to the designated officer of the Borough in the aggregate two thousand dollars ($2,000.00) for each fifteen thousand dollars ($15,000.00) and each fraction of that amount of a claim, or, if at the time of a loss report the named insured has submitted a contractor's signed estimate of the costs of removing, repairing or securing the building or other structure in an amount less than the amount calculated under the foregoing transfer formula, the insurance company, association or exchange shall transfer from the insurance proceeds the amount specified in the estimate.
(Ord. 3083. Passed 3-16-98.)
(Ord. 3083. Passed 3-16-98.)