46 USC 53905: Agency insurance

46 USC 53905: Agency insurance Text contains those laws in effect on November 14, 2024

From Title 46-SHIPPINGSubtitle V-Merchant MarinePart C-Financial Assistance ProgramsCHAPTER 539-WAR RISK INSURANCE

§53905. Agency insurance

(a) In General.-With the approval of the President, an agency of the United States Government may obtain insurance provided for by this chapter from the Secretary of Transportation, except as provided in sections 17302 and 17303 of title 40.

(b) Premium Waivers.-With the approval of the President, the Secretary of Transportation may provide insurance under this chapter at the request of the Secretary of Defense and other agencies the President may prescribe, without payment of an insurance premium if the Secretary of Defense or agency agrees to indemnify the Secretary of Transportation against loss covered by the insurance. The Secretary of Defense and agencies may make such an indemnity agreement.

(c) Presidential Approval.-The signature of the President (or an official designated by the President) on the agreement shall be treated as the approval required by section 53902(a) of this title.

( Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1628 .)

Historical and Revision Notes
Revised Section	Source (U.S. Code)	Source (Statutes at Large)
53905	46 App.:1285.	June 29, 1936, ch. 858, title XII, §1205, as added Sept. 7, 1950, ch. 906, 64 Stat. 774 ; Pub. L. 105–261, div. A, title X, §1071(a), Oct. 17, 1998, 112 Stat. 2137 .