Page:United States Statutes at Large Volume 108 Part 2.djvu/454

 108 STAT. 1170 PUBLIC LAW 103-272—JULY 5, 1994 practice, except for payments by the carrier for the stimulation or solicitation of insurance business. § 44305. Insuring United States Government property (a) GENERAL. —With the approval of the President, a department, agency, or instrumentality of the United States Government may obtain— (1) insurance under this chapter, including insurance for risks from operating an aircraft in intrastate or interstate air commerce, but not including insurance on valuables subject to sections 1 and 2 of the Government Losses in Shipment Act (40 U.S.C. 721, 722); and (2) insurance for risks arising from providing goods or services directly related to and necessary for operating an aircraft covered by insurance obtained under clause (1) of this subsection if the aircraft is operated— (A) in carrying out a contract of the department, agency, or instrumentality; or (B) to transport military forces or materiel on behalf of the United States under an agreement between the Government and the government of a foreign country. (b) PREMIUM WAIVERS AND INDEMNIFICATION.—With the approval required under subsection (a) of this section, the Secretary of Transportation may provide the insurance without premium at the request of the Secretary of Defense or the head of a department, agency, or instrumentality designated by the President when the Secretary of Defense or the designated head agrees to indemnify the Secretary of Transportation against all losses covered by the insurance. The Secretary of Defense and any designated head may make indemnity agreements with the Secretary of Transportation under this section. §44306. Premiums and limitations on coverage and claims (a) PREMIUMS BASED ON RISK.— To the extent practical, the premium charged for insurance or reinsurance under this chapter shall be based on consideration of the risk involved. (b) TIME LIMITS. — The Secretary of Transportation may provide insurance and reinsurance under this chapter for a period of not more than 60 days. The period may be extended for additional periods of not more than 60 days each only if the President decides, before each additional period, that the continued operation of the aircraft to be insured or reinsured is necessary to carry out the foreign policy of the United States Government. (c) MAXIMUM INSURED AMOUNT.— The insurance policy on an aircraft insured or reinsured under this chapter shall specify a stated amount that is not more than the value of the aircraft, as determined by the Secretary. A claim under the policy may not be paid for more than that stated amount. §44307. Revolving fund (a) EXISTENCE, DISBURSEMENTS, APPROPRIATIONS, AND DEPOSITS. — -(1) There is a revolving fund in the Treasury. The Secretary of the Treasury shall disburse from the fund payments to carry out this chapter. (2) Necessary amounts to carry out this chapter may be appropriated to the fund. The amounts appropriated and other amounts

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