Page:United States Statutes at Large Volume 120.djvu/1658

 PUBLIC LAW 109–304—OCT. 6, 2006

120 STAT. 1627

‘‘(A) a documented vessel with a registry or coastwise endorsement under chapter 121 of this title; ‘‘(B) an undocumented vessel owned or chartered by or made available to the United States Government; and ‘‘(C) a tug, barge, or other watercraft (whether or not documented) owned by a citizen of the United States and used in essential water transportation or in the fisheries, except only for sport fishing. ‘‘(2) CARGO.—The term ‘cargo’ includes a loaded or empty container on a vessel. ‘‘(3) TRANSPORTATION IN THE WATERBORNE COMMERCE OF THE UNITED STATES.—The term ‘transportation in the waterborne commerce of the United States’ includes the operation of a vessel in the fisheries, except only for sport fishing. ‘‘(4) WAR RISKS.—The term ‘war risks’ includes, to the extent the Secretary of Transportation determines— ‘‘(A) any part of a loss excluded from marine insurance coverage under a ‘free of capture or seizure’ clause or analogous clause; and ‘‘(B) any other loss from a hostile act, including confiscation, expropriation, nationalization, or deprivation. ‘‘§ 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. ‘‘(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. ‘‘§ 53903. Insurable interests ‘‘(a) IN GENERAL.—The Secretary of Transportation may provide insurance and reinsurance under this chapter for— ‘‘(1) an American vessel, including a vessel under construction; ‘‘(2) a foreign vessel— ‘‘(A) owned by a citizen of the United States; or ‘‘(B) engaged in transportation in the waterborne commerce of the United States or in such other transportation by water or such other services as the Secretary considers to be in the interest of the national defense or national economy of the United States, when so engaged; ‘‘(3) cargo— ‘‘(A) shipped or to be shipped on a vessel insurable under this section, including by express or registered mail; ‘‘(B) owned by a citizen or resident of the United States;

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