(1) The applicant or warehouseman shall have insurance coverage for the risks specified under this rule, in the manner as may be specified by the Authority from time to time.
(2) The insurance coverage of the applicant or warehouseman with respect to the goods deposited in the warehouse, must be against at least —
(a) fire;
(b) flood;
(c) burglary;
(d) misappropriation; and
(e) riots and strikes.
(3) If the warehouse is located in an area notified as a disturbed area by the Central Government or any other area specified by the Authority by guidelines, the applicant shall be required to have the insurance coverage against terrorism.
(4) The Authority may, by guidelines, specify additional requirements for insurance, including additional risks and the manner of coverage that a warehouseman may be required to take.
(5) The Authority may require a warehouseman to provide periodic information regarding the insurance coverage required under this rule.
(6) The applicant and warehouseman shall submit copies of all insurance policies to the Authority to exhibit compliance with the insurance requirements under this rule.