40 U.S.C. § 17307 — Purchase of insurance

FEDERAL · 40 U.S.C. · Chapter 173

Purchase of insurance

Current through Pub. L. 119-102

Title 40 — Public Buildings, Property, and Works·Ch. 173 — GOVERNMENT LOSSES IN SHIPMENT

An executive department, independent establishment, agency, wholly owned Government corporation, officer, or employee may expend money, or incur an obligation, for insurance, or for the payment of premiums on insurance, against loss, destruction, or damage in the shipment of valuables only as specifically authorized by the Secretary of the Treasury. The Secretary may give the authorization if the Secretary finds that the risk of loss, destruction, or damage in the shipment cannot be guarded against adequately by the facilities of the Federal Government or that adequate replacement cannot be provided under this chapter.

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An executive department, independent establishment, agency, wholly owned Government corporation, officer, or employee may expend money, or incur an obligation, for insurance, or for the payment of premiums on insurance, against loss, destruction, or damage in the shipment of valuables only as specifically authorized by the Secretary of the Treasury. The Secretary may give the authorization if the Secretary finds that the risk of loss, destruction, or damage in the shipment cannot be guarded against adequately by the facilities of the Federal Government or that adequate replacement cannot be provided under this chapter.

40 U.S.C. § 17307 (Purchase of insurance) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

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History

(Pub. L. 107–217, Aug. 21, 2002, 116 Stat. 1282.)

Editorial Notes

The words "On and after the effective date of the regulations prescribed under section 721 of this title" are omitted as obsolete. The words "the circumstances are such that" are omitted as unnecessary.