46 U.S.C. § 53902 — Authority to provide insurance

FEDERAL · 46 U.S.C. · Chapter 539

Authority to provide insurance

46 U.S.C. § 53902

Chapter539 — WAR RISK INSURANCE

This text of 46 U.S.C. § 53902 (Authority to provide insurance) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

46 U.S.C. § 53902.

Text

(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

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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.

Source Credit

History

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

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Bluebook (online)

46 U.S.C. § 53902, Counsel Stack Legal Research, https://law.counselstack.com/usc/46/53902.