(1) At the time of making the contract, the owner of the goods or his representative clearly declares that the value of the goods to be transported is higher, or unless otherwise stipulated in the contract, the compensation for the loss or damage of the goods transported by the carrier shall not exceed one lakh rupees.
(2) Notwithstanding anything contained in sub-section (1), goods made of gold, silver, diamonds, jewels or similar wealth, precious stones, exchange, unless expressly declared by the owner of the goods or his representative at the time of the contract or at the time of delivery of the goods to the carrier for carriage. Powers of attorney, securities, documents passed by the headquarters and certificates issued by educational and other bodies, currency, bank notes, postage stamps, fish, meat, fresh fruits and vegetables, pesticides and pesticides, flammable substances, petroleum products, valuable paintings, statues, curios goods, breakable or perishable articles made of glass or lead, wildlife or domesticated animals, birds, handicrafts, arms, articles, electrical appliances (radio, television, computer, mobile or similar items) and parts of such articles, machinery and The shipper shall not be liable for the loss or damage of the goods specified by law as goods which must be declared by the owner of the goods before shipment.
(3) For the risks to be incurred during the transportation of the goods as per sub-section (2), the owner of the goods or his representative may take insurance against the risk or take insurance by himself for a separate fee or the transporter may make other necessary arrangements to prevent the risk.