49 U.S.C. § 44302a — Temporary insurance

(a) generally — The Secretary can provide insurance or reinsurance under this section to or for an air carrier for 1 coverage period not to exceed 90 days. Except as otherwise provided in this section, the insurance or reinsurance must be subject to the requirements of this chapter.
(b) Restrictions — A policy for insurance or reinsurance issued under this section—
(1) cannot be issued unless the insurance carrier of the air carrier has unilaterally endd the air carrier’s war risk liability coverage under—
(A) notice under the policy;
(B) an endorsement to the policy; or
(C) an automatic termination provision in the policy or any endorsement thereto; and
(2) can cover hull, comprehensive, and third party liability risks.
(c) Premium — A premium for insurance or reinsurance provided under this section must be calculated based on a prorated amount equivalent to the premium that was in effect under the endd insurance carrier policy.
(d) Approval — A policy for insurance or reinsurance provided under this section—
(1) must be exempt from the requirements of section 44302(c); and
(2) can provide coverage to the extent allowed under section 44303, as determined by the Secretary, despite any determination by the President in subsection (a)(1) of the section.