About IGIC
About IGIC
The fund’s purpose is to provide a safety net for grain producers if they are unable to receive payment for the sale of their grain or retrieve grain left in storage at a grain warehouse. In the event that a grain firm is unable to either pay or return grain to the producer, the Indiana Grain Buyers and Warehouse Licensing Agency will call the surety and liquidate grain assets to satisfy any and all producers of record. Any producer not fully compensated by that action will be entitled to have the claim brought before the Indiana Grain Indemnity Board of Directors for consideration of payment.
The voluntary indemnity program was funded by producers who paid a premium into the fund beginning on July 1, 1996. Two-tenths of a percent of each grain sale was remitted into the fund until the fund reached its legal cap of $10 million in 1998.
The fund’s first payout occurred in 1998 in the Prairie Productions and Battleground Hybrids, Inc. failure. The most recent disbursement of the fund was to producers of record in the Osborn Feed and Grain, Inc. failure in 2007. The fund has paid producers $2,811,750.36 involving eight elevator failures since 1996.
Any grain producer who has not requested and received a refund of a premium is protected under the program. The fund is governed by a ten-member board of directors appointed by various agricultural and banking organizations in the state.
Features
- AgriVision Award Nomination Form
- ISDA Requests Stakeholder Feedback
- Certified Livestock Producer Program Moves to Pilot Phase
- Indiana's Vision for Conservation
- Governor Daniels' Property Tax Plan and Agriculture
- Disaster Relief Information
- Indiana Land Resources Council Model Ordinances
