22-5114. INSURANCE — CANCELLATION PROCEDURE — SUSPENSION OF LICENSE — SELF-INSURANCE. (1) Every seed buyer who has a seed facility where seed crops are stored for withdrawal or transferred, shall maintain a "commercial property policy" of insurance, or its equivalent, issued by a company qualified to do business in the state in which the facility is located. The amount of insurance shall be sufficient to cover the property loss of the insured and such additional amounts that are: (a) greater than or equal to the total seed buyer indebtedness and the value of seed crop stored for withdrawal during the previous license year, or (b) estimated current calendar year seed crop indebtedness to producers and the value of seed crop to be stored for withdrawal. The department rules shall enumerate the perils to be covered by the policy.
(2) The insurance company issuing the policy of insurance shall give ninety (90) days’ advance notice to the department by registered or certified mail, return receipt requested, of cancellation of the policy.
(3) When the insurance policy of a seed buyer is canceled, the department shall immediately suspend the license of the seed buyer, and the suspension shall be in effect until satisfactory evidence exists that an effective policy of insurance complying with the requirements of this chapter has been submitted to the department.
(4) Seed buyers desiring to be self-insured shall apply to the department for authorization to self-insure. Application shall be made on forms prescribed by the department.
History:
[22-5114, added 2002, ch. 256, sec. 1, p. 742.]
Structure Idaho Code
Title 22 - AGRICULTURE AND HORTICULTURE
Chapter 51 - SEED INDEMNITY FUND LAW
Section 22-5101 - SHORT TITLE OF ACT.
Section 22-5102 - DEFINITIONS.
Section 22-5104 - BONDS — IRREVOCABLE LETTERS OF CREDIT — CERTIFICATES OF DEPOSIT — SINGLE BOND.
Section 22-5105 - AMOUNT OF BOND — NOTICE OF CANCELLATION.
Section 22-5106 - ACTION BY PRODUCER INJURED.
Section 22-5108 - RECEIPTS — SCALE WEIGHT TICKETS.
Section 22-5109 - MAINTENANCE OF RECORDS — EXAMINATION OF RECORDS — AUTHORIZATION TO COPY.
Section 22-5110 - VIOLATIONS — PENALTIES — DISCRETION OF DIRECTOR TO HANDLE ADMINISTRATIVELY.
Section 22-5111 - SUSPENSION OR REVOCATION OF LICENSE.
Section 22-5112 - DUTY TO PROSECUTE.
Section 22-5114 - INSURANCE — CANCELLATION PROCEDURE — SUSPENSION OF LICENSE — SELF-INSURANCE.
Section 22-5115 - LICENSE REISSUANCE FOLLOWING REVOCATION.
Section 22-5116 - DEPARTMENT’S AUTHORITY.
Section 22-5117 - LICENSE DENIAL.
Section 22-5118 - PAYMENT AND VIOLATION.
Section 22-5119 - CONFIDENTIAL AND PROTECTED RECORDS.
Section 22-5120 - SEED INDEMNITY FUND.
Section 22-5121 - ASSESSMENTS.
Section 22-5123 - FUNDING AND LIMITS OF FUND.
Section 22-5124 - ADVISORY COMMITTEE.
Section 22-5125 - PROOF OF CLAIMS — PROCEDURE — HEARING.
Section 22-5126 - FAILURE TO FILE — LOSS OF CLAIM ON FUND.
Section 22-5127 - MINIMUM BALANCE FOR CLAIMS — TERMINATION OF LIABILITY.