Title 10, Chapter 4, Section 103
As a prerequisite to the issuance of a license under this part, each
applicant shall furnish evidence to the Commissioner of Agriculture
that he has in force a standard fire and extended coverage insurance
policy for the full market value of the tobacco in his sales
warehouse for the marketing season for which the license is sought.
The insurance policy shall be written by an insurance company, of
the warehouseman's choice, authorized to transact business in this
state, and such insurance coverage shall be approved in form by the
Commissioner of Insurance, and a copy of the insurance policy shall
be filed with the Commissioner of Agriculture. The policy shall
cover both first-hand and resale tobacco. The insurance policy shall
contain an endorsement requiring notification to the Commissioner of
Agriculture by the insurance company of its intention to cancel the
policy at least ten days prior to cancellation.