46 U.S.C. § 57519 — Insurance
submitted 20 years ago by Pub. L. 109-304 to r/title-46-SHIPPING · 92 words · no verdicts yet
A charter under this chapter requires the charterer to buy broad insurance on the vessel, at their own cost. The insurance covers marine, port, protection-and-indemnity, and other risks and losses during the charter. The Secretary of Transportation sets its form, amount, and approved companies, and may underwrite some risks directly.
A charter under this chapter requires the charterer, paying out of their own pocket, to carry insurance on the chartered vessel*. That insurance must cover all marine and port risks, protection and indemnity risks, and every other hazard or liability, in an amount adequate to cover damage claims and losses involving the vessel during the charter term. The Secretary of Transportation decides the insurance's form, amount, and which companies may write it. Where the law allows, the Secretary may personally underwrite some of these insurance risks instead of requiring a private insurer.
A charter under this chapter shall require the charterer to carry, at the charterer’s expense, insurance on the chartered vessel* covering all marine and port risks, protection and indemnity risks, and all other hazards and liabilities, adequate to cover damages claimed against and losses sustained by the chartered vessel arising during the term of the charter. The insurance shall be in such form, in such amount, and with such companies as the Secretary of Transportation may require. In accordance with law, any of the insurance risks may be underwritten by the Secretary.
Source credit: (Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1667.)
- 2006Enacted · Pub. L. 109-304 · 120 Stat. 1667
A history note hasn’t been published yet. The record shows enactment by Pub. L. 109-304 on 2006-10-06.
all 0 arguments · sorted by: best
no arguments yet — make the first case