All agricultural products stored for the producer in their raw or natural state, and cotton in any form stored for the producer, in storage in a warehouse under this article or deposited temporarily in such a warehouse pending storage shall be kept insured at full market value by the warehouseman against loss or damage by fire, lightning, and extended coverage, except that cotton shall be insured against loss or damage by fire and lightning only. Such insurance shall be carried in an insurance company or companies of the warehouseman's choice authorized to do business in this state, and evidence of such insurance coverage in form to be approved by the Commissioner of Insurance shall be filed with the Commissioner of Agriculture. Such insurance shall be provided by, and carried in the name of, the warehouseman; provided, however, that a producer depositing or storing agricultural products who does not wish to have his products insured by the warehouseman may relieve the warehouseman of that duty by notifying the warehouseman in writing that he does not wish his agricultural products insured.
(Ga. L. 1953, Nov.-Dec. Sess., p. 412, § 20; Ga. L. 1989, p. 14, § 10.)
Cross references.- Placement of risk of loss of goods held by bailee, § 11-2-509.
OPINIONS OF THE ATTORNEY GENERAL
Authorized insurer requirement mandatory.
- Requirement that the policy be issued by a company "authorized to do business in this state" is mandatory. 1969 Op. Att'y Gen. No. 69-498.
Insurance not required for nonproducers.- This article does not require insurance on agricultural products stored by a warehouseman for other than producers. 1969 Op. Att'y Gen. No. 69-498.
RESEARCH REFERENCES
Am. Jur. 2d.
- 78 Am. Jur. 2d, Warehouses, § 116 et seq.
C.J.S.- 93 C.J.S., Warehousemen and Safe Depositaries, §§ 96, 97.
ALR.
- Right in proceeds of insurance taken out by warehouseman on goods stored, 53 A.L.R. 1409.
Right of owner to sue on fire or marine policy taken out by warehouseman, bailee, or carrier, 61 A.L.R. 720.