Form Tr-Ps-16 - Public Warehouse Keeper License Application (Page 4 of 4) in pdf

Public Warehouse Keeper Security Guidelines

All public warehouse keepers are required to file security with the department as specified in s. 99.03(1) (a) through (d),

Wis. Stats., and ATCP 97.08, Wis. Adm. Code. The security must be acceptable to the department and shall secure the

warehouse keeper’s faithful performance of the obligations of a warehouse keeper. The security shall be continuing and

subject to cancellation or non-renewal only upon at least 30 days (except as noted below) written notice to the department

served in person or by certified mail.

When the department determines that security is insufficient, lapses, or is canceled without approval of the department,

the warehouse keeper shall correct the default within 30 days after written notice from the department, and if the defect is

not corrected within that 30 day period, the license may be summarily suspended by the department, without notice or a

hearing.

Security must take one of the following forms:

1. A Commercial Surety Bond written on a department approved “Continuous Surety Bond for Public Warehouse

Keepers” form by a commercial surety company licensed to do business in the state of Wisconsin.

2. A Warehouse Keeper’s Liability Insurance Policy written on a department approved “Public Warehouse Keeper’s

Liability Insurance Policy” form by a licensed insurer.

3. A Personal Bond or 3rd-Party Guarantee written on a department approved form and supported by one of the following

forms of security:

a. Cash

b. A certificate of deposit

c. Bonds

d. An irrevocable bank letter of credit issued by a financial institution in this state on their letterhead for a

term of at least one year, payable to the department for the benefit of owners of stored property or their

assignees, and continuing, and subject to a non-renewal by the issuing bank only upon 90 days prior

written notice to the department, served in person or by certified mail.

4. Insurance for a public warehouse keeper engaged in the storage of wearing apparel only - A warehouse keeper

engaged in this line of business may file as security, instead of one of the above forms of security, a certified copy of

an insurance policy protecting the owners of that wearing apparel against loss or damage by fire, wind, water, or theft,

without restriction. In addition to the usual policy provisions, the following endorsement is required and should appear

as follows:

“The policy to which this endorsement is attached is written to meet at least the minimum legal requirements of

Chapter 99, Wisconsin Statutes, and Chapter ATCP 97, Wisconsin Administrative Code. This policy shall be

continuing, and subject to cancellation or non-renewal by the insurer only upon 30 days prior written notice to the

department served in person or by certified mail. This policy names the Wisconsin Department of Agriculture, Trade

and Consumer Protection as an additional insured party for the benefit of owners of stored property.

Loss, if any, to be payable to and adjusted with

(licensee)

and their individual customers and the state

of Wisconsin as their interests may appear in conformity with the public warehouse keeper license of

(licensee).

In the event of amendment, cancellation, expiration, endorsement, alteration, transfer or assignment in this policy,

it is understood and agreed that thirty (30) days notice in writing, served in person or by certified mail, will be given

to the Wisconsin Department of Agriculture, Trade and Consumer Protection, 2811 Agriculture Drive, PO Box

8911, Madison, Wisconsin, 53708-8911.”

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Form Tr-Ps-16 - Public Warehouse Keeper License Application Page 4