§ 53902. Authority to provide insurance

162 words·~1 min read·/usc/title-46/section-53902

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(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.

(Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1627.)

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U.S. Code

§ 53905
Agency insurance

Proposed Rules
Final rule

2 references not yet in our index

Pub. L. 109–304, § 8(c)
120 Stat. 1627

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cites case law

§ 53902

Authority to provide insurance

Fed. Reg.×3

U.S.C.×1

Pub. L.Pub. L. 109–304, § 8(c)

Stat.120 Stat. 1627

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