(A) The owner of any property required to be registered by this subchapter must maintain a policy of liability insurance for the building, and must provide to the Department of Code Enforcement the name, address, and telephone number of the insurance agent and carrier, along with a copy of the certificate of or other proof of insurance coverage.
(1) Two hundred fifty thousand dollars minimum liability policy for residential structures;
(2) Five hundred thousand dollars minimum liability policy for commercial structures.
(B) The policy of insurance must require the agent or carrier to provide 15 days advance notice of cancellation to the Department of Code Enforcement.
(C) These registration fees shall not commence until at least 30 days after the initial notification is mailed by the town. In the event that real estate taxes are current on the property, the town (by way of a committee comprised of the Town Manager, Town Council President and Town Council Vice-President) shall have the authority to determine that the building is listed for sale and being actively and reasonably marketed, and to waive the registration fee for six months, then may waive the registration fee for an additional six months. The determination for waiver may be based upon a determination by the Committee as to whether the listing price for the property is reasonably related to the assessed value of the property.
(Ord. 715, passed 2-18-2014)