Commercial or Private Insurance

Section 900 Section 900.709  Commercial or Private Insurance a)         A lagoon owner may provide evidence of financial responsibility for closure of a livestock waste lagoon by obtaining closure insurance that conforms to the requirements of this Subpart and submitting an executed duplicate original of such insurance policy to the Department. b)         The insurer must be licensed to transact the business of insurance by the Illinois Department of Insurance pursuant to the Illinois Insurance Code [215 ILCS 5]. c)         The policy must be on forms approved by the Illinois Department of Insurance. d)         The closure insurance policy must guarantee that funds will be available to close the lagoon.  The policy must also guarantee that, upon a notice of liability from the Department, the insurer will be responsible for paying out funds, up to an amount equal to the face amount of the policy, in accordance with Section 900.706(c) of this Part. e)         The policy must provide that the insurer may not cancel or terminate the policy.