Section 824IAC2-4-6. Insurance

   (a) Licensees shall insure, at full market value, the following:

(1) All stored grain owned by depositors that is stored in licensed space.

(2) All company owned grain that is:

(A) grain that has been paid for; and

(B) grain that has been delivered for sale but the depositor has not been paid.

  (b) If there is a dispute regarding either:

(1) the date of loss; or

(2) the market value of the grain;

the parties to the dispute shall submit the issue to the director or the director's designated representative who shall hold an informal hearing to resolve the dispute. The decision of the director or the director's designated representative shall be final and binding upon all parties.

  (c) Losses of producer obligations shall be paid before losses of company owned grain. (Indiana Grain Buyers and Warehouse Licensing Agency; 824 IAC 2-4-6; filed Jan 19, 2001, 3:04 p.m.: 24 IR 1655; readopted filed Nov 16, 2007, 2:00 p.m.: 20071212-IR-824070667RFA; readopted filed Nov 27, 2013, 1:30 p.m.: 20131225-IR-824130492RFA)