Amendment status not verified — confirm the current text below against the official source.
(1) Every warehouseman shall insure the goods stored in his warehouse against such risks and in such manner as may be prescribed: Provided that a depositor may at his own cost insure his goods against other risks. "Provided further that nothing contained in this sub-section shall apply to the goods deposited in a warehouse belonging to a Warehousing Corporation established under the Agricultural Produce (Development and Warehousing) Corporations Act, 1956 (Central Act 28 of 1956), where such Warehousing Corporation has agreed in the prescribed manner, to compensate the depositor against loss or damage arising from the prescribed risks." (2) Every warehouseman shall be entitled to recover from the depositor, at the rate prescribed, the charges for insurance in respect of the depositor's goods before delivery thereof and where a Warehousing Corporation established under the Agricultural Produce (Development and Warehousing) Corporation Act, 1956 (Central Act 28 of 1956) has agreed to compensate the depositor under the second proviso to sub-section (1) such Corporation shall be entitled to recover from the depositor such additional charges as it may decide, not exceeding the tariff rate of the insurance premia, for the risk which it has agreed to compensate."