§3779 Insurance

Summary

The Commission can buy insurance to protect itself from large, unexpected money losses or costs from major marine accidents or other sudden events. The Commission can make rules that require anyone who might bring a claim under sections 3771 or 3772 to carry insurance while passing through or being in the Panama Canal or nearby waters. The required insurance amount will be set in those rules but cannot be more than $1,000,000. If insurance is required, the Commission only pays damages that are larger than the required insurance. The Commission can also bar claims brought by an insurer or by someone who steps into the claimant’s rights in those cases.