(1) FIRE AND EXTENDED COVERAGE INSURANCE. (a) Except as provided in par. (b), a vegetable contractor who is required to be licensed under s. 126.56 (1) shall maintain fire and extended coverage insurance, issued by an insurance company authorized to do business in this state, that covers all vegetables in the custody of the vegetable contractor, whether owned by the vegetable contractor or held for others, at the full local market value of the vegetables. (b) Paragraph (a) does not apply to a vegetable contractor if any of the following applies: 1. The vegetable contractor pays cash on delivery under all vegetable procurement contracts. 2. The vegetable contractor is a producer-owned cooperative or unincorporated cooperative association or organization that procures processing vegetables only from its producer owners. 3. The vegetable contractor is a processing potato buyer who has elected not to participate in the fund in accordance with s. 126.595 (1). (2) INSURANCE CANCELLATION; REPLACEMENT. Whenever an insurance policy under sub. (1) is canceled, the vegetable contractor shall replace the policy so that there is no lapse in coverage. (3) INSURANCE COVERAGE; MISREPRESENTATION. No vegetable contractor may misrepresent any of the following to the department or to any vegetable producer or producer agent: (a) That the vegetable contractor is insured. (b) The nature, coverage, or material terms of the vegetable contractor’s insurance policy.
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