22 U.S. Code § 3779 - Insurance
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.
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 3771 or 3772 of this title 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.
1998—Pub. L. 105–261 designated existing provisions as subsec. (a) and added subsec. (b).
1987—Pub. L. 100–203 inserted “or other unpredictable events” after “marine accidents”.
Statutory Notes and Related Subsidiaries