Section 24 in The Rajasthan Warehouses Rules, 1960
24. [ Insurance of goods. [Substituted by Notification No. F. 9(66) SCA 59, dated 16-8-1967, Published in Rajasthan Gazette, Part IV(Ga), dated 5-10-1967, page 752.]
(1)Every warehouseman shall insure the goods deposited in his warehouse against loss or damage by fire and theft for an amount not less than the market value of the goods on the date on which they were deposited in the warehouse:Provided that nothing in this sub-rule shall apply the goods deposited in the warehouses belonging to a Warehousing Corporation where such Warehousing Corporation has agreed in writing to compensate the depositor against loss or damage by fire and theft, to the extent of the amount not less than the market value of the goods on due date of the deposit.(2)On a written from the depositor and his agreeing to pay the requisite charges for additional insurance, the warehouseman may insure such goods also against loss or damage by flood or riot or civil commotion or any other contingency:Provided that when such request has been made in respect of goods deposited in the warehouse belonging to a Warehousing Corporation such Warehousing Corporation may not insure the goods if it agrees in writing to compensate the depositor, against loss or damage by any of the risks specified in this written request.(3)Except where proviso to sub-rule (1) or sub-rule (2) applies, the goods deposited in the warehouse shall not be insured by a company which is not on the list of companies approved for his purpose by the prescribed authority.(4)Every warehouseman shall be entitled to recover from the depositor of goods or its owner the insurance premia and other out of pocket expenditure incurred by him for the insurance so effected of the goods stored in his warehouse and where the Warehousing Corporation has agreed to compensate the depositor under proviso to sub-rule (1) or (2), it shall be entitled to recover from the depositor such additional charge as it may decide not exceeding tariff rate of the insurance premium for the risk which it has agreed to compensate.Explanation. - For the purpose of his rule Warehousing Corporation means a Warehousing Corporation established under Warehousing Corporation Act, 1962 (Central Act 53 of 1962).]
