Section 20: Insurance of goods against certain events and the manner of insurance
The Karnataka Warehouses Rules,1969.State Rules of Karnataka · 1962
(1) Every warehouseman shall insure the goods stored in his warehouse against loss or damage due to fire, flood, theft, burglary, strike and riot:
Provided that insurance against loss or damage due to strike or riot shall be optional.
(2) The insurance under sub-rule (1) shall be with a company approved for this purpose by the Prescribed Authority to such an extent that the depositor will get the market value of the goods as on the date of occurrence of the event against which it is insured.
(3) Nothing in sub-rules (1) and (2) shall apply to a Corporation referred to in the Proviso to sub-section (1) of Section 18, if such Corporation has agreed in writing to compensate the depositor against loss or damage due to theevents specified in sub-rule (1).