Louisiana Administrative Code
Title 37 - INSURANCE Part
Part IX - Agricultural Commodities
Chapter 1 - Self-Insurance Fund
Section IX-109 - Insurance Coverage
Universal Citation: LA Admin Code IX-109
Current through Register Vol. 50, No. 9, September 20, 2024
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.
AUTHORITY NOTE: Promulgated in accordance with R.S. 40:1846.
Disclaimer: These regulations may not be the most recent version. Louisiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
