New Jersey Division of Local Government Services Local Finance Notice 2022-23

Author Icon
Wielkotz & Company
Calendar Date Icon
December 28, 2022
Accountants Making Deal

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:

Contact Wielkotz & Company, LLC Today

For further information on Local Finance Notice 2022-23 and its implementation feel free to reach out to Steven Wielkotz at (973)-835-7900 ext. 201 or

Related Blogs