(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.

Terms Used In Idaho Code 22-5114

  • Department: means the Idaho state department of agriculture. See Idaho Code 22-5102
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Property: includes both real and personal property. See Idaho Code 73-114
  • Receipt: means a warehouse receipt. See Idaho Code 22-5102
  • Seed buyer: means any person having a commercial operation, its agents and employees, together with its elevators, mills, buildings, or other structures who owes or has any financial obligation to the producer for seed crop grown by that producer and transferred to the seed buyer. See Idaho Code 22-5102
  • Seed crops: means any seed crop regulated by chapter 4, title 22, Idaho Code. See Idaho Code 22-5102
  • Seed facility: means :
Idaho Code 22-5102
  • State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
  • Stored for withdrawal: means the deposit of seed crop with a seed facility by the producer for the subsequent withdrawal by that producer of the same seed crop or similar seed crop, as agreed to by the parties. See Idaho Code 22-5102
    • (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.