Sec. 1419. insurance
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/statute-compilations/comps-10934/sec-1419A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
## Sec. 1419 insurance ###
(a)**[**[22 U.S.C. 3779](/us/usc/t22/s3779)**]** The Commission is authorized to purchase insurance to protect the Commission against major and unpredictable revenue losses or expenses arising from catastrophic marine accidents or other unpredictable events. ###
(b)####
(1)The Commission may by regulation require as a condition of transit through the Panama Canal or presence in the Panama Canal or waters adjacent thereto that any potential claimant under section 1411 or 1412 of this Act be covered by insurance against the types of injuries described in those sections. The amount of insurance so required shall be specified in those regulations, but may not exceed $1,000,000. ####
(2)In a claim under section 1411 or 1412 of this Act for which the Commission has required insurance under this subsection, the Commission's liability shall be limited to the amount of damages in excess of the amount of insurance required by the Commission. ####
(3)In regulations under this subsection, the Commission may prohibit consideration or payment by it of claims presented by or on behalf of an insurer or subrogee of a claimant in a case for which the Commission has required insurance under this subsection. ## chapter 5 Public Property
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U.S. Code