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A license may not be issued to a facility-based grain buyer unless all company-owned and unconverted scale ticket grain is kept fully insured at the expense of the grain buyer 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 such other risks of direct physical loss as provided by the insurer in a policy approved by the insurance commissioner. An insurance policy may not be transferred or assigned to any person for any purpose.
Cite this article: FindLaw.com - North Dakota Century Code Title 60. Warehousing and Deposits § 60-02.1-21. Grain to be kept insured for benefit of owner by grain buyer - last updated January 01, 2020 | https://codes.findlaw.com/nd/title-60-warehousing-and-deposits/nd-cent-code-sect-60-02-1-21/
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