Illinois Warehouseman Bond

IllinoisPersonal property warehouseman must abide by new legislation in the state of Illinois. Titled HB 2284, the new law abolished the present program of amounts for the surety bond or insurance policy required under current law for personal property warehouseman. As an alternative, HB 2284 grants authority to the Illinois Commerce Commission to establish the amount required by law, as oppose to having it set in the statute. The previous law calculated the amounts by the magnitude of the warehouse and range from $5,000 to $25,000, plus $5,000 for an additional 100,000 net square feet or net cubic feet of volume in the warehouse. HB 2284 became active on January 1st, 2010.