The Grain Indemnity Fund Board voted on Thursday to cease the assessment on grain sold to Iowa-licensed grain dealers as well as the participation fees for Iowa licensed grain dealers and warehouse operators as part of the Iowa Grain Depositors and Sellers Indemnity Fund, effective Sept. 1. The assessment was reinstated in 2023 after the fund fell below the statutory threshold of $3 million due to grain facility failures in 2021 and 2022. Under existing law, the assessment must remain in effect for at least a full year and must also remain active until the board votes to suspend the collection of fees or the fund reaches a balance of $8 million. Created by the Iowa Legislature in 1986 during the Farm Crisis to provide financial protection to farmers, the Grain Indemnity Fund covers farmers with grain on deposit in Iowa-licensed warehouses and grain sold on a cash basis to state-licensed grain dealers. In the case of a failure of a state-licensed grain warehouse or grain dealer, the fund will pay farmers 90% of a loss on grain up to a maximum of $300,000 per claimant.