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PROOF OF LIABILITY INSURANCE IS NOW REQUIRED BY LAW FOR ALL RENTAL PROPERTIES.
The specifics of the law appear below. In order to submit your Landlord / Tenant Registration to the Township of Wyckoff, you will be required to submit a certificate of insurance proving coverage for $500,000 for combined property damage and bodily injury to or death of one or more persons in any one accident or occurrence. This amount is reduced to $300,000 of coverage if the property is a multi-family in which one unit is owner-occupied.
On August 5, 2022, New Jersey’s Governor Murphy signed S. 1368/A. 2687 (2022) into law, which has since been approved as P.L.2022, c.92 and codified as N.J.S.A. § 40A:10A-1 et seq. Much of this new law took effect on November 3, 2022, however, some of it has yet to come into effect. It requires business owners—specifically, rental unit owners and certain multi-family homeowners—to maintain liability insurance.
This law mandates that business owners and owners of rental unit or units maintain liability insurance for negligent acts and omissions. The insurance must be for combined property damage and bodily injury to or death of one or more persons in any one accident or occurrence. Most business owners and rental unit owners must be insured in the amount of at least $500,000—this portion of the law having come into effect on November 3, 2022. However, the amount is reduced to $300,000 for those rent units in a multifamily home where: there are four (4) or fewer units, and at least one (1) unit is owner-occupied—this portion of the law coming into effect on February 1, 2023.
N.J.S.A. § 40A:10A-2 requires that owners annually register their certificates of insurance demonstrating compliance with this law with the local municipality. Likewise, this section authorizes municipalities to establish administrative fees and to enforce penalties for noncompliance with annual registration requirements (i.e., failing to submit certificate of insurance). Consequently, in the wake of this new law, expect that municipalities will be passing ordinances requiring these annual registrations and submissions of insurance certificates with fines and penalties for failure to do so.
A business owner or unit owner’s failure to comply with the registration requirements in accordance with the law, will subject the violator to a fine of a fine between $500 and $5,000. These specific requirements came into effect on November 3, 2022.
