Ala. Admin. Code r. 80-6-5-.08
Current through Register Vol. 43, No. 1, October 31, 2024
Section 80-6-5-.08 - Insurance Requirements(1) All public warehouses shall fully insure against loss by fire, peril or damage all goods accepted for storage to include each and every bale of cotton, unless instructed by the owners of such goods not to insure them. The above property insurance shall be issued by insurers authorized to do the business of insurance in the State of Alabama and shall be without limit of liability.(2) Any purchaser of an insured warehouse receipt who desires cancellation of the insurance on same must surrender to the warehouseman said receipts to be stamped with the words Not Insured By Warehouseman showing date with a rubber stamp across the face of the receipts with letters of the words Not Insured By Warehouseman to be not less than 1/4 inch in height.(3) Those warehouses falling under the provisions of Code of Ala. 1975, § 8-15-7, requiring proof of warehouseman's legal liability insurance shall, prior to the issuance of a permit, present evidence of this insurance in an amount equal to the total value of goods stored at any one time during the past 12 months. If the warehouseman, by written contract with a storer of goods, limits his liability, then only the value of the goods for which the warehouseman is liable need be covered by the above liability insurance. Written certification reflecting the amount of contractual liability shall accompany the required evidence of insurance. Exclusionary causes in the insurance policy excluding coverage of liability insurance on stored goods in the care, custody or control of the warehouseman shall not be accepted and if the insurance policy contains such a clause, the warehouseman shall be deemed not to have complied with the provisions of § 8-15-7 above regarding liability insurance coverage. Author: Charles H. Barnes
Ala. Admin. Code r. 80-6-5-.08
Statutory Authority:Code of Ala. 1975, § 8-15-2.