INSURANCE OF GOODS IN WAREHOUSE.

(1) Every warehouseman shall insure goods stored in warehouse against such risks, warehouses 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 Warehousing Corporations Act, 1962 (Parliament Act 58 of 1962) 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 Warehousing Corporations Act, 1962 (Parliament Act 58 of 1962), 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.