OAR 603-032-0150
Insurance
(1)
The warehouseman shall maintain a printed record of the insurance coverage applicable to grain in storage held as required by ORS 586.315 (Warehouseman required to insure grain or retain written waiver by depositor), including copies of current insurance policies, “loss payable” certificates, or other written evidence of insurance encumbrances. Such records, policies, certificates, or other written evidence shall be made available to the Department upon demand, and shall be maintained at the principal place of business of the warehouseman within the state unless otherwise authorized by the Department.(2)
The Department, in auditing grain warehouses as required by the Act, will verify for accuracy, to the nearest report, providing the warehouseman is using the insurance reporting system. Warehousemen not using such system, must insure the entire licensed warehouse capacity.(3)
The warehouseman who cancels any insurance required under ORS 586.315 (Warehouseman required to insure grain or retain written waiver by depositor) must give the Department at least 10 days’ notice prior to such cancellation date. If the warehouseman receives a notice from his insurance company that such company is canceling insurance, the warehouseman within 24 hours (of the next business day) of receipt of such notice shall notify the Department of such action.(4)
In case of fire, flood, explosion or any other event that could cause significant structural damage or inventory losses in a licensed warehouse, the warehouseman shall give immediate notice thereof to the Department. The warehouseman must also give prior notice if there is to be a change of any kind in the ownership of the warehouse, or any change which will affect the storage capacity.
Source:
Rule 603-032-0150 — Insurance, https://secure.sos.state.or.us/oard/view.action?ruleNumber=603-032-0150.