The New Jersey Legislature enacted N.J.S.A. 40:A:10A-1, et seq. which requires business owners and owners of rental units to annually file with the Borough Clerk a certificate of insurance showing liability insurance coverage in the following amounts:

• $500,000 for the owner of a business or the owner of a rental unit or units; or
• $300,000 for the owner of a multifamily home which is four or fewer units, one of which is owner-occupied.