Private warehouse licensing requires all-risk insurance, duty undertakings, indemnity and appointment of an experienced warehouse keeper. Licensing of private bonded warehouses requires inspection and compliance evaluation, and is conditional on provision of all-risk insurance in favour of the President covering losses specified, undertakings to pay duties, interest, fines and penalties in respect of warehoused goods, an indemnity protecting the customs authority from liabilities for loss or damage during receipt, storage or handling, and appointment of an experienced warehouse keeper.