99.03 Public warehouse keeper; security.

370 words·~2 min read·/wi/chapter-99/99-03

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Security required; form of security. Every applicant for a public warehouse keeper’s license shall file with the department any of the following:

(a)A commercial surety bond that is issued by a surety company licensed to do business in this state, that secures the applicant’s faithful performance of all duties and obligations of a public warehouse keeper, that is payable to the department for the benefit of owners of stored property or their assignees, that is issued in a form acceptable to the department that provides that it may not be terminated without at least 30 days’ written notice to the department.

(b)An original or certified copy of a legal liability insurance policy that is payable to the department for the benefit of the owners of stored property or their assignees, that is in a form acceptable to the department and that provides that it may not be terminated except upon at least 30 days’ written notice to the department.

(c)A personal bond or 3rd-party guarantee in a form acceptable to the department and supported by one of the following forms of security held under sub.

(3):

1. Cash.

2. A certificate of deposit.

3. Bonds.

4. An irrevocable bank letter of credit issued by a financial institution in this state.

(d)If the warehouse keeper is engaged exclusively in storing wearing apparel, an original or certified copy of a bailee’s customers’ insurance policy that protects the owners of all stored property against loss or damage by fire, wind, water or theft, that names the department as an additional insured party for the benefit of owners of stored property, that is in a form acceptable to the department and that provides that it may not be terminated except upon 30 days’ written notice to the department.

(2)Amount of security required. The aggregate amount of the security required under sub.

(a)to

(c)shall be not less than the following:

(a)For a Class 1 public warehouse, $10,000.

(b)For a Class 2 public warehouse, $20,000.

(c)For a Class 3 public warehouse, $30,000.

(d)For a Class 4 public warehouse, $40,000.

(e)For a Class 5 public warehouse, $50,000.