46 U.S. Code § 53902 - Authority to provide insurance
(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.
Source(Pub. L. 109–304, § 8(c),Oct. 6, 2006, 120 Stat. 1627.)
|Revised Section||Source (U.S. Code)||Source (Statutes at Large)|
|June 29, 1936, ch. 858, title XII, § 1202, as added Sept. 7, 1950, ch. 906, 64 Stat. 773; Pub. L. 101–115, § 7(a), Oct. 13, 1989, 103 Stat. 694.|