Insurance of goods in a warehouse

(1) Every warehouseman shall insure the goods stored in his warehouse against such events and in such manner as may be prescribed by rules, and such rules may provide that insurance against certain events shall be optional: Provided that nothing in this section shall apply to goods deposited in a warehouse belonging to a Corporation established under the Agricultural Produce (Development and Warehousing) Corporations Act, 1956 (Central Act 28 of 1956), where such corporation has agreed, in the prescribed manner, to compensate the depositor against loss or damage arising from the prescribed events. (2) Every warehouseman shall be entitled to recover from the depositor, at the rate prescribed if the insurance is obligatory, or at the rate agreed to if the insurance is optional, the charges for insurance in respect of the depositor’s goods before delivery thereof and the warehouseman shall have a lien on the said goods in respect of such charges.