(1)The Warehouseman shall keep such goods; while in his custody as a Warehouseman, insured in his own name against loss or damage by fire and burglary.(2)No Warehouseman shall be liable for any loss or damage by floods, riot, civil commotion or any other contingency except fire and burglary unless the depositor has made a written request in the manner provided in sub-rule (3) and has actually paid the charges for additional risks before the commencement of storage.(3)On written request from the depositor and on his agreeing in writing at the time of deposit of goods to pay the charges for additional risk the Warehouseman may insure such goods also against loss or damage by all or any of the following events as may be specified by the depositor in his written request namely; floods, rain, riot, civil commotion or any other recognised insurable contingency :Provided that when such a request has been made in respect of goods deposited in warehouse belonging to a Warehousing Corporation such Warehousing Corporation may not insure the goods if it agrees to compensate the depositor against loss or damage by all or any of the following events as may be specified by the depositor in his written request namely; flood, rain, riot, civil commotion or any other recognised insurable contingency.(4)Any insurance made by warehouseman or the maximum compensation agreed to be paid by a Warehousing Corporation shall be for an amount not less than the market-value of the goods prevailing on the date of occurrence of any of the aforesaid events :Provided that the amount so payable by the Warehousing Corporation shall not exceed the market-value of the goods at the time of their deposit.(5)The goods deposited in the warehouse shall not be issued with the company which is on the list of companies approved for this purpose by the State Warehousing Corporation.(6)Every Warehouseman shall be entitled to recover from the depositor of goods or its owner, it the depositor refused to pay the charges, the insurance premia and other out pocket expenditure incurred by him for insurance of goods stored in his warehouse and where a Warehousing Corporation has agreed to compensate the depositor under the foregoing sub-rules it shall also be entitled to recover from the depositor such additional charges as it may decide, not exceeding tariff rate of the insurance premia for the risks which it has agreed to compensate.
