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119-hr-3973119th CongressWALLET

Ukraine War Risk Insurance Act

Sponsored By: Representative Keating, William R. [D-MA-9]

Introduced

Summary

Expand war risk insurance eligibility for vessels carrying goods to and from Ukraine. This bill would temporarily broaden who can get war risk insurance under chapter 539 of title 46, United States Code, for ships engaged in waterborne commerce importing to or exporting from Ukraine and would create a State Department Insurance for Ukraine Initiative to coordinate private insurers, allied support, and protections for grain shipments.

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  • Vessel owners and insurers: Ships owned by citizens of NATO countries, Ukraine, or other nations the Secretary of State designates would be deemed eligible for chapter 539 war risk insurance for a period of up to five years.
  • Trade and food security: The bill directs U.S. efforts to ensure bountiful and affordable shipment of grain and other food commodities from Ukraine and asks the U.S. representative to the U.N. Food and Agriculture Organization to pursue a multilateral insurance mechanism to protect those shipments.
  • Diplomacy and reporting: The Insurance for Ukraine Initiative would mobilize private-sector outreach and allied investment, offer diplomatic backing to countries that support war risk insurance for Ukraine, and require a report within one year and annual updates for three years to Congress.

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 2 benefits, 0 costs, 0 mixed.

War-risk insurance for Ukraine cargo ships

For 5 years after enactment, ships moving cargo to or from Ukraine would be eligible for U.S. government war‑risk insurance or reinsurance. This would apply to vessels owned by citizens of NATO countries, Ukraine, or other countries named by the Secretary of State, in consultation with the Secretary of Transportation. Some current cargo restrictions would not apply to Ukraine shipments during this period. Ship owners and cargo interests serving Ukraine could have clearer insurance backstops.

U.S. diplomacy to back Ukraine insurance

The bill would set up a State Department Insurance for Ukraine Initiative to promote war‑risk insurance and work with private insurers. It would direct U.S. diplomats to help countries that offer Ukraine war‑risk insurance and build their capacity. The U.S. Representative to the U.N. Food and Agriculture Organization (FAO) would be told to push for a multilateral insurance plan to protect Ukrainian grain and other commodity shipments. The Secretary of State would report to the House Foreign Affairs and Senate Foreign Relations Committees within 1 year of enactment and yearly for 3 more years on progress and needed laws.

Sponsors & CoSponsors

Sponsor

Keating, William R. [D-MA-9]

MA • D

Cosponsors

  • Rep. Quigley, Mike [D-IL-5]

    IL • D

    Sponsored 6/12/2025

  • Rep. McGovern, James P. [D-MA-2]

    MA • D

    Sponsored 6/12/2025

Roll Call Votes

No roll call votes available for this bill.

View on Congress.gov
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