40 U.S.C. § 17307 — Purchase of insurance
submitted 24 years ago by Pub. L. 107-217 to r/title-40-PUBLIC-BUILDINGS-PROPERTY-AND-WORKS · 93 words · no verdicts yet
Listed Government entities and personnel may buy shipment insurance for valuables only with specific Treasury Secretary authorization. The Secretary may authorize it when Government facilities cannot adequately protect the shipment or provide replacement.
An executive department, independent establishment, agency, wholly owned Government corporation*, officer, or employee may spend money or incur an obligation for insurance, or insurance premiums, against loss, destruction, or damage while valuables* are shipped only when the Treasury Secretary specifically authorizes it. The Secretary may authorize this if Government facilities cannot adequately protect against the shipping risk or if this chapter cannot provide adequate replacement*.
An executive department, independent establishment, agency, wholly owned Government corporation*, officer, or employee may expend money, or incur an obligation, for insurance, or for the payment of premiums on insurance, against loss, destruction, or damage in the shipment* of valuables* only as specifically authorized by the Secretary of the Treasury. The Secretary may give the authorization if the Secretary finds that the risk of loss, destruction, or damage in the shipment cannot be guarded against adequately by the facilities of the Federal Government or that adequate replacement* cannot be provided under this chapter.
Source credit: (Pub. L. 107–217, Aug. 21, 2002, 116 Stat. 1282.)
- 2002Enacted · Pub. L. 107-217 · 116 Stat. 1282
A history note hasn’t been published yet. The record shows enactment by Pub. L. 107-217 on 2002-08-21.
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