46 U.S.C. § 53902: Authority to provide…

Summary

With the President’s approval and after any consultation the President asks for with other federal agencies, the Secretary of Transportation can provide insurance and reinsurance for war-related losses when adequate coverage for U.S. water shipping cannot be bought on reasonable terms from companies allowed to sell insurance in a State. The insurance should, as much as possible, reflect the actual risk. Any vessel covered must agree to be available to the Government in time of war or national emergency.

Title 46, §53902

Shipping, Source: USLM XML via OLRC

(a)In General.—

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)Consideration of Risk.—

Insurance or reinsurance under this chapter shall be based, insofar as practicable, on consideration of the risk involved.

(c)Availability of Vessel During War or National Emergency.—

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.

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.

§53902 Authority to Provide Insurance

Summary

Title 46, §53902

Notes & Related Subsidiaries

Historical and Revision Notes

Citations & Metadata