(1) Every farm warehouseman to whom warehouse receipts are issued shall at all times keep the grain stored in the farm warehouse insured by an insurance company authorized to do business in this state. The grain is to be insured for its full market value against loss by fire, inherent explosion, lightning, tornado and windstorm, and failure to do so shall make the farm warehouseman liable for the same. All such policies shall provide that no cancellations shall be effective unless thirty (30) days’ prior notice is given the commissioner.
(2) If fire, inherent explosion, lightning, tornado or windstorm shall destroy or damage all or part of the grain stored in any farm warehouse, the farm warehouseman shall, upon demand by the holder of any warehouse receipt for such grain, and upon being presented with the warehouse receipt, make settlement for the fair market value.
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