Local Finance Notice 2022-23 Business and Rental Unit Liability Insurance Implementation
- P.L. 2022, c. 92, requires owners of businesses and rental units to annually register their certificate of insurance.
- Effective November 3, 2022, the law will require owners of businesses and rental units to maintain liability insurance in the amount of $500,000, but owner-occupied two-family, three-family, or four-family homes must maintain $300,000 in coverage.
- The law gives municipalities flexibility with respect to handling the annual registration of certificates of insurance, but they must not charge a fee that exceeds the cost of administering the registration process.
- A municipality may fine an owner failing to comply with the law $500-$5,000. This Notice does not opine on whether municipalities can require proof of compliance with minimum liability coverage.
Local Finance Notice 2022-23
Please follow the link below to read more about these items and guidance on how your local unit can implement them: https://www.nj.gov/dca/divisions/dlgs/lfns/22/2022-23.pdf
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