La. Admin. Code tit. 37 § IX-109

Current through Register Vol. 50, No. 11, November 20, 2024

Section IX-109 - Insurance Coverage

A. Compliance with all other applicable statutes, rules and regulations is a mandatory requirement for all permit holders.

A. Insurance coverage available to the user of a licensed operation shall be limited to the amount of the bond required by R.S. 3:3410 and/or R.S. 3:3411 and shall be accepted in lieu of said bond as follows.

1. Each licensed grain dealer or cotton merchant shall be insured in the total aggregate amount of $50,000 for all claims in each licensed year.

2. Each licensed warehouse shall be insured in an amount not less than $25,000 and not more than $500,000 in the total aggregate amount in each licensed year as follows:

a. $0.20 per bushel for the first million bushels of licensed capacity;

b. $0.15 per bushel for the second million bushels of licensed capacity;

c. $0.10 per bushel for all bushels over two million.

3. For purposes of §109, one CWT shall equal 2.22 bushels, and one barrel shall equal 3.6 bushels.

La. Admin. Code tit. 37, § IX-109

Promulgated by the Department of Agriculture, Office of Agro-Consumer Services, Agricultural Commodities Commission, LR 13:234 (April 1987), amended by the Department of Agriculture and Forestry, Office of the Commissioner, LR 24:626 (April 1998), Amended LR 47

AUTHORITY NOTE: Promulgated in accordance with R.S. 40:1846.