For Immediate Release
Office of the Press Secretary
December 14, 2001
Presidential Memo on Marine War Risk Insurance Coverage
December 12, 2001
MEMORANDUM FOR THE SECRETARY OF STATE
THE SECRETARY OF TRANSPORTATION
SUBJECT: Provision of Marine War Risk Insurance Coverage
By virtue of the authority vested in me by the Constitution and
laws of the United States, including 3 U.S.C. 301 and section 1202 of
the Merchant Marine Act, 1936, as amended (the "Act"), 46 U.S.C. App.
1282, I hereby:
Approve the provision by the Secretary of Transportation of
insurance or reinsurance of vessels (including cargoes and crew) entering the
Middle East region against loss or damage by war risks in the
manner and to the extent approved in title XII of the Act, 46 U.S.C. App.
1281, et seq., for purposes of responding to the recent terrorist
attacks, whenever, after consultation with the Department of State,
it appears to the Secretary of Transportation that such 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 an insurance business in a State of the United
States. This approval is effective for 6 months. I hereby delegate
to the Secretary of Transportation, in consultation with the
Secretary of State, the authority vested in me by section 1202 of the Act, to
approve the provision of insurance or reinsurance for these
purposes after the expiration of 6 months.
The Secretary of Transportation is directed to bring this approval
to the immediate attention of all operators and to arrange for its
publication in the Federal Register.
GEORGE W. BUSH
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