Insurance required, exceptions--rules and regulations.
411.290. 1. Every state licensed public warehouseman shallin his own name at all times keep all the grain contained in hiswarehouse insured by some reliable insurance company authorizedto do business in the state of Missouri. The grain is to beinsured for its full market value against loss by fire, inherentexplosion, lightning, and windstorm. Failure to do so is aviolation of this chapter and shall make the public warehousemanliable for the same on his bond. Except that a warehousemanshall not be required to carry insurance on commodity creditcorporation owned grain if the commodity credit corporationelects to be self insured for loss of the grain. The directormay promulgate rules governing the submission and acceptance ofinsurance policies that contain deductible clauses.
2. In case of a fire, inherent explosion, lightning, orwindstorm, which shall destroy or damage all or part of the grainstored in any public warehouse, the public warehouseman shall,upon demand by the owner of the grain, or the holder of anywarehouse receipt or receipts for such grain, and upon beingpresented with the warehouse receipt or receipts, or otherevidence of ownership, make settlement for the value of the graincovered by the warehouse receipt, or receipts, after deductingthe warehouse charges, at the market value of same, basing thevalue at the average price paid for grain of the same grade andquality at the station where the public warehouse is located onthe date of the destruction. In the event settlement is not madewithin sixty days from the date of the demand, the depositorshall have the right to seek recovery from the insurance company.
3. Fraud or other criminal act of the warehouseman, to whichthe holder of a warehouse receipt or other interested person isnot a party, shall not deprive the holder of a warehouse receipt,storage receipt or scale ticket, or other interested person, ofhis right of recovery under such policy of insurance.
4. No insurance policy covering grain shall be canceled orbe allowed to expire by the insurance company on less than ninetydays' notice by certified mail to the director and the principal,except if such policy is being replaced with another policy andevidence of the new policy is filed with the director at the timeof cancellation or expiration of the policy on file. The noticeshall contain the termination or expiration date. Anyreplacement insurance shall be provided by, and carried in thename of, the warehouseman. The license of a warehouseman shallautomatically be suspended for failure to file new evidence ofinsurance within thirty days of the director's receipt of thenotice of cancellation or expiration. If replacement insuranceis not filed within sixty days of the director's receipt ofnotice of cancellation or expiration, the warehouse license shallbe automatically revoked. The provisions of subsections 9 and 10of section 411.275, pertaining to the director, circuit courts,warehousemen, depositors, and other interested persons relatingto bond cancellations shall apply similarly to insurancecancellations or expirations.
Insurance required, exceptions--rules and regulations.
411.290. 1. Every state licensed public warehouseman shallin his own name at all times keep all the grain contained in hiswarehouse insured by some reliable insurance company authorizedto do business in the state of Missouri. The grain is to beinsured for its full market value against loss by fire, inherentexplosion, lightning, and windstorm. Failure to do so is aviolation of this chapter and shall make the public warehousemanliable for the same on his bond. Except that a warehousemanshall not be required to carry insurance on commodity creditcorporation owned grain if the commodity credit corporationelects to be self insured for loss of the grain. The directormay promulgate rules governing the submission and acceptance ofinsurance policies that contain deductible clauses.
2. In case of a fire, inherent explosion, lightning, orwindstorm, which shall destroy or damage all or part of the grainstored in any public warehouse, the public warehouseman shall,upon demand by the owner of the grain, or the holder of anywarehouse receipt or receipts for such grain, and upon beingpresented with the warehouse receipt or receipts, or otherevidence of ownership, make settlement for the value of the graincovered by the warehouse receipt, or receipts, after deductingthe warehouse charges, at the market value of same, basing thevalue at the average price paid for grain of the same grade andquality at the station where the public warehouse is located onthe date of the destruction. In the event settlement is not madewithin sixty days from the date of the demand, the depositorshall have the right to seek recovery from the insurance company.
3. Fraud or other criminal act of the warehouseman, to whichthe holder of a warehouse receipt or other interested person isnot a party, shall not deprive the holder of a warehouse receipt,storage receipt or scale ticket, or other interested person, ofhis right of recovery under such policy of insurance.
4. No insurance policy covering grain shall be canceled orbe allowed to expire by the insurance company on less than ninetydays' notice by certified mail to the director and the principal,except if such policy is being replaced with another policy andevidence of the new policy is filed with the director at the timeof cancellation or expiration of the policy on file. The noticeshall contain the termination or expiration date. Anyreplacement insurance shall be provided by, and carried in thename of, the warehouseman. The license of a warehouseman shallautomatically be suspended for failure to file new evidence ofinsurance within thirty days of the director's receipt of thenotice of cancellation or expiration. If replacement insuranceis not filed within sixty days of the director's receipt ofnotice of cancellation or expiration, the warehouse license shallbe automatically revoked. The provisions of subsections 9 and 10of section 411.275, pertaining to the director, circuit courts,warehousemen, depositors, and other interested persons relatingto bond cancellations shall apply similarly to insurancecancellations or expirations.
Insurance required, exceptions--rules and regulations.
411.290. 1. Every state licensed public warehouseman shallin his own name at all times keep all the grain contained in hiswarehouse insured by some reliable insurance company authorizedto do business in the state of Missouri. The grain is to beinsured for its full market value against loss by fire, inherentexplosion, lightning, and windstorm. Failure to do so is aviolation of this chapter and shall make the public warehousemanliable for the same on his bond. Except that a warehousemanshall not be required to carry insurance on commodity creditcorporation owned grain if the commodity credit corporationelects to be self insured for loss of the grain. The directormay promulgate rules governing the submission and acceptance ofinsurance policies that contain deductible clauses.
2. In case of a fire, inherent explosion, lightning, orwindstorm, which shall destroy or damage all or part of the grainstored in any public warehouse, the public warehouseman shall,upon demand by the owner of the grain, or the holder of anywarehouse receipt or receipts for such grain, and upon beingpresented with the warehouse receipt or receipts, or otherevidence of ownership, make settlement for the value of the graincovered by the warehouse receipt, or receipts, after deductingthe warehouse charges, at the market value of same, basing thevalue at the average price paid for grain of the same grade andquality at the station where the public warehouse is located onthe date of the destruction. In the event settlement is not madewithin sixty days from the date of the demand, the depositorshall have the right to seek recovery from the insurance company.
3. Fraud or other criminal act of the warehouseman, to whichthe holder of a warehouse receipt or other interested person isnot a party, shall not deprive the holder of a warehouse receipt,storage receipt or scale ticket, or other interested person, ofhis right of recovery under such policy of insurance.
4. No insurance policy covering grain shall be canceled orbe allowed to expire by the insurance company on less than ninetydays' notice by certified mail to the director and the principal,except if such policy is being replaced with another policy andevidence of the new policy is filed with the director at the timeof cancellation or expiration of the policy on file. The noticeshall contain the termination or expiration date. Anyreplacement insurance shall be provided by, and carried in thename of, the warehouseman. The license of a warehouseman shallautomatically be suspended for failure to file new evidence ofinsurance within thirty days of the director's receipt of thenotice of cancellation or expiration. If replacement insuranceis not filed within sixty days of the director's receipt ofnotice of cancellation or expiration, the warehouse license shallbe automatically revoked. The provisions of subsections 9 and 10of section 411.275, pertaining to the director, circuit courts,warehousemen, depositors, and other interested persons relatingto bond cancellations shall apply similarly to insurancecancellations or expirations.
