North Dakota § 4.1-58-35 Grain to be kept insured for benefit of owner by warehouseman

North Dakota Statutes

§ 4.1-58-35 — Grain to be kept insured for benefit of owner by warehouseman

North Dakota·Title 4.1 Agriculture·Ch. 4.1-58 Grain and Seed Warehouses

A public warehouseman license is not effective unless all grain in storage or on deposit in
the warehouse is kept fully insured at the expense of the warehouseman for the benefit of the
owner at the current market value of the grain against loss by fire, lightning, internal explosion,
windstorm, cyclone, tornado, and other risks of direct physical loss as provided by the insurer in
a policy approved by the insurance commissioner. An insurance policy covering grain in a public
warehouse may not be transferred or assigned to any person for any purpose, except for grain
that is not on warehouse receipt or deposit. The insurance policy must be continuous and may
only be canceled in accordance with section 4.1-58-36.

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A public warehouseman license is not effective unless all grain in storage or on deposit in
the warehouse is kept fully insured at the expense of the warehouseman for the benefit of the
owner at the current market value of the grain against loss by fire, lightning, internal explosion,
windstorm, cyclone, tornado, and other risks of direct physical loss as provided by the insurer in
a policy approved by the insurance commissioner. An insurance policy covering grain in a public
warehouse may not be transferred or assigned to any person for any purpose, except for grain
that is not on warehouse receipt or deposit. The insurance policy must be continuous and may
only be canceled in accordance with section 4.1-58-36.

North Dakota § 4.1-58-35 (Grain to be kept insured for benefit of owner by warehouseman) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.