(1) Commissioner. The Commissioner of Licenses and Inspections.

(2) Covered Claim. A claim of a named insured for fire damage to a building or other structure located within the City of Philadelphia, if the amount recoverable for the fire loss to the building or other structure under all policies exceeds seven thousand five hundred dollars ($7500), or such other minimum amount as may be provided in Section 508 of The Insurance Company Law of 1921 as amended, and if the loss agreed upon by the named insured and the Insuring Agent or Agents equals or exceeds sixty percent (60%) of the aggregate limits of liability on all fire policies covering the building and other structures covered under the same policies.

(3) Delinquent. A tax, assessment, penalty or user charge becomes delinquent at the time and on the date a lien could otherwise have been filed against the property by the City under applicable law.

(4) Insuring Agent.[700] An insurance company, association or exchange which has issued a policy of insurance covering fire damage to a building or other structure.