(1) FIRE AND EXTENDED COVERAGE INSURANCE. A grain dealer licensed, or required to be licensed, under s. 126.11 shall maintain fire and extended coverage insurance, issued by an insurance company authorized to do business in this state, that covers all grain in the custody of the grain dealer, whether owned by the grain dealer or held for others, at the full local market value of the grain. (2) INSURANCE CANCELLATION; REPLACEMENT. Whenever an insurance policy under sub. (1) is canceled, the grain dealer shall replace the policy so that there is no lapse in coverage. (3) INSURANCE COVERAGE; MISREPRESENTATION. No grain dealer may misrepresent any of the following to the department or to any grain producer or producer agent: (a) That the grain dealer is insured. (b) The nature, coverage, or material terms of the grain dealer’s insurance policy.
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