New Jersey Administrative Code
Title 18 - TREASURY - TAXATION
Chapter 12 - LOCAL PROPERTY TAX: GENERAL
Subchapter 4 - REVALUATION OF REAL PROPERTY BY APPRAISAL FIRMS
Section 18:12-4.10 - Surety and insurance
Universal Citation: NJ Admin Code 18:12-4.10
Current through Register Vol. 56, No. 6, March 18, 2024
(a) Prior to the commencement of a contract, the firm shall provide assurance that the municipality will be adequately protected and held harmless from any lawsuit, litigation, demand, or claim arising out of the revaluation contract. In support of the foregoing, and in addition to all indemnification and other coverages required by law, the firm shall provide the following:
1. Workers' compensation insurance coverage in accordance with the standards of this State as set forth in 34:15-1 et seq.;
2. Public liability and automobile liability in amounts not less than those provided by law for any one person and any one occurrence respecting property damage;
3. A performance surety bond in the amount of the contract, executed by a reputable bonding company authorized to do business in this State, subject to reduction to 10 percent of the contract amount upon acceptance of the completed revaluation by the assessor. Said reduced amount shall remain in effect until the firm has discharged all obligations respecting the defense of the contract; and
4. The terms and conditions of all the foregoing may be in greater amounts if required by the municipality and copies of all policies shall be provided to the municipality prior to the commencement of any portion of the contract.
Disclaimer: These regulations may not be the most recent version. New Jersey may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
