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Does an Alabama Federal Warehouseman Need a Surety Bond?

Bags of grain are stored in a warehouse

The State of Alabama Department of Agriculture and Industries, Gin and Warehouses Section, is responsible for issuing permits for public warehouses, grain dealers, cotton merchants and cotton gins, as well as inspections of gins and auditing of public warehouses and grain dealers, including a Federal Warehouseman.

Chapter 80-6-5 of the Alabama Department of Agriculture and Industries Gin and Warehouses Administrative Code defines the regulations for operation of public warehouses.

The following is required for the permit:

1. Completion of the application for the public warehouse permit and payment of the permit fee.
2. Provide a copy of the Certificate of Insurance state that is for warehouseman’s legal liability.
3. The application requires the applicant’s signature to be notarized and must include the products stored and the highest estimated value of such. All addresses for storage must be included on the application.
4. Obtain a surety bond in the amount of $5,000 or provide a Letter of Credit, or cash. If providing cash or a letter of credit, the applicant must also file a Trust Fund Agreement form.

How Much Will This Bond Cost?

The premium that you pay for an Alabama Federal Warehouseman Surety Bond is dependent on credit.

Did you know?

Alabama federal warehouseman permits must be renewed every year by July 31.

Related Links:

Alabama Gins & Warehouses Information
US Warehouse Act

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