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Maritime War Risk Insurance
The Department of Transportation's mission is to ensure fast, safe, efficient, accessible and convenient transportation that meets vital national interests and enhances the quality of life of the American people, today and into the future.
Program Accomplishments
As of March 1, 2008, 299 war risk binders have been issued to U.S. citizen-owned and foreign-flag registry and their crews. Insurance effected under these binders cannot be obtained commercially during wartime.
Uses and Use Restrictions
Insurance binders or policies on certain vessels in operation or under construction are provided for nominal cost in peacetime.
Eligibility Requirements
Applicant Eligibility
All U.S.
flag vessels, and certain foreign flag vessels meeting specific criteria as determined by the Maritime Administrator.
Beneficiary Eligibility
Vessel owners, their crews, and certain designated beneficiaries of deceased crew members.
Credentials/Documentation
Applications, vessel data, unqualified contract of commitment, and other supporting data as required by 46 CFR Part 308.
Aplication and Award Process
Preapplication Coordination
None.
This program is excluded from coverage under E.O.
12372.
Application Procedures
Complete and proper filing of applications, supporting documents, and payment of appropriate binding fees or promises as specified in 46 CFR Part 308.
Award Procedures
Binders issued only to those applicants that qualify.
Deadlines
None.
Authorization
Merchant Marine Act of 1936, Title XII, as amended, Public Law 81-763, 46 U.S.C. 1281-1294; Public Law 104-106.
Range of Approval/Disapproval Time
From 5 to 15 working days.
Appeals
Not applicable.
Renewals
This program has been extended until December 31, 2010.
Assistance Considerations
Formula and Matching Requirements
Not applicable.
Length and Time Phasing of Assistance
Indeterminate; depends on war situation and posture of the country.
Post Assistance Requirements
Reports
Not applicable in peacetime.
Audits
Not applicable in peacetime.
Records
Not applicable in peacetime.
Financial Information
Account Identification
69-4302-0-3-403.
Obigations
Obligations (Contractual fees and underwriting agents' fees) FY 07 $50,000; FY 08 $60,000; and FY 09 est. $0.
Range and Average of Financial Assistance
Applicable only in designated combat areas, subject to terms of the binder.
Regulations, Guidelines, and Literature
Rules and Regulations are set forth under 46 CFR 308 (as published under authority of Public Law 101-115) and 309 as amended from time to time in the Federal Register.
Information Contacts
Regional or Local Office
American War Risk Agency, 30 Broad Street 7th floor, New York, NY 10004 Telephone: (212) 405-2814.
Headquarters Office
Director, Office of Insurance and Shipping Analysis, Maritime Administration, Department of Transportation, 1200 New Jersey Avenue, S.E., Washington, DC 20590. Telephone: (202) 366-2400.
Criteria for Selecting Proposals
Not applicable.
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