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Warehouses and Grain Elevators Bond
Warehouses and grain elevators bond is a kind of surety
bond. This warehouse and grain elevator surety bond
is created to protect the manufacturer or other depositors
of the agricultural commodities in a public storage.
Warehouse is a place where the goods or the commodities
produced by the manufacture are stored. The grain elevator
is a warehouse where goods are stored for a consideration.
The warehouse should get a license before starting to
store the goods. This license determines the warehouse
and the elevator position.
The commodity warehoused is generally named as elevator,
mill ware house, and sub terminal warehouse. Before
the goods are warehoused the individual, firm or company
providing such a service should get a license. He should
also enter in to a bond before getting a license. Each
warehouse should insure their grain stock against loss
of grain. This insurance policy will protect the warehouse
against any damages. The public warehouse operator should
maintain the current records of all agricultural commodities
stored, conditioned, handled, or shipped by the facility.
The Department of Agriculture has licenses in every
legislative district, from the smallest country elevator
to the export elevator and large integrated commercial
feed producers.
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