Maritime War Risk Insurance

To provide war risk insurance whenever it appears to the Secretary of Transportation that adequate insurance for waterborne commerce cannot be obtained on reasonable terms and conditions from licensed insurance companies in the United States.



Agency - Department of Transportation

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.

Office - American War Risk Agency, 30 Broad Street 7th floor, New York, NY 10004 Telephone: (212) 405-2814.


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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