Title 46 — ShippingRelease 119-73not60
§53902 Authority to Provide Insurance
Title 46 › Subtitle Subtitle V— Merchant Marine › Part C— Financial Assistance Programs › Chapter 539— WAR RISK INSURANCE › § 53902
Summary
The Secretary may provide insurance and reinsurance for U.S. waterborne commerce against war risks, but only with the President’s approval and any required consultations, and only when adequate private coverage on reasonable terms is unavailable. Coverage must be based on the risk, and any vessel insured must be available to the Government in time of war or national emergency.
Full Legal Text
Title 46, §53902
Shipping — Source: USLM XML via OLRC
(a)With the approval of the President, and after such consultation with interested agencies of United States Government as the President may require, the Secretary of Transportation may provide insurance and reinsurance against loss or damage from war risks as provided by this chapter whenever it appears to the Secretary that insurance adequate for the needs of the waterborne commerce of the United States cannot be obtained on reasonable terms and conditions from companies authorized to do insurance business in a State of the United States.
(b)Insurance or reinsurance under this chapter shall be based, insofar as practicable, on consideration of the risk involved.
(c)Insurance or reinsurance for a vessel may be provided under this chapter only on the condition that the vessel will be available to the Government in time of war or national emergency.
Legislative History
Notes & Related Subsidiaries
Historical and Revision Notes
Revised SectionSource (U.S. Code)Source (Statutes at Large) 5390246 App.:1282.June 29, 1936, ch. 858, title XII, § 1202, as added Sept. 7, 1950, ch. 906, 64 Stat. 773; Pub. L. 101–115, § 7(a), Oct. 13, 1989, 103 Stat. 694.
Reference
Citations & Metadata
Citation
46 U.S.C. § 53902
Title 46 — Shipping
Last Updated
Apr 5, 2026
Release point: 119-73not60