republic-os/legal/us/code/title-46/chapter-539/section-53903.md

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LegalText	46 U.S.C. § 53903	Insurable interests	us	united_states_code	code_section	46	SHIPPING	539	WAR RISK INSURANCE	53903	46 U.S.C. § 53903	current	119-100	2026-06-26	official	https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc46@119-100.zip	/us/usc/t46/s53903	data/legal/raw/us/code/title-46/usc46.xml	1ed2af246b5b7bf1ee45203d23af4837bc48d0cf4e6471fa4e14511a4014639e	eb1331aa3c08ed87231a3606d86b30d1b5942cdf8542f6a3df8ac1d66e86057f	64ded0c2195995ee6ef9f1d6bafb944bba36fef400b5e4debc627db9a8a51dea	2026-07-04	official	legal us-code

46 U.S.C. § 53903 - Insurable interests

Text

(a) In General.— The Secretary of Transportation may provide insurance and reinsurance under this chapter for—

(1) an American vessel, including a vessel under construction;

(2) a foreign vessel—

(A) owned by a citizen of the United States; or

(B) engaged in transportation in the waterborne commerce of the United States or in such other transportation by water or such other services as the Secretary considers to be in the interest of the national defense or national economy of the United States, when so engaged;

(3) cargo—

(A) shipped or to be shipped on a vessel insurable under this section, including by express or registered mail;

(B) owned by a citizen or resident of the United States;

(C) imported to or exported from the United States, or sold or purchased by a citizen or resident of the United States, under a contract of sale or purchase the terms of which provide that the risk of loss by war risks or the obligation to provide insurance against war risks is on a citizen or resident of the United States; or

(D) shipped between ports in the United States;

(4) disbursements, including advances to masters and general average disbursements, and freight and passage money of a vessel insurable under this section;

(5) personal effects of an individual on a vessel insurable under this section;

(6) loss of life, injury, or detention by an enemy of the United States after capture, with respect to an individual on a vessel insurable under this section; and

(7) statutory or contractual obligations or other liabilities of a vessel insurable under this section or of the owner or charterer of such a vessel, of a nature customarily covered by insurance.

(b) Considerations for Foreign Vessels.— In determining whether to provide insurance or reinsurance for a foreign vessel, the Secretary shall consider the characteristics, employment, and general management of the vessel by the owner or charterer.

(c) Non-War Risks.— Insurance of a risk under subsection (a)(5)–(7), insofar as it involves a liability related to an individual on the vessel, may include risks other than war risks to the extent the Secretary considers advisable.

(Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1627.)

Notes

Historical and Revision Notes RevisedSectionSource (U.S. Code)Source (Statutes at Large) 53903(a)46 App.:1283(a) (1st sentence), (b) (1st sentence), (c)–(f).June 29, 1936, ch. 858, title XII, § 1203(a) (1st, 2d sentences), (b) (1st sentence), (c)–(f), as added Sept. 7, 1950, ch. 906, 64 Stat. 773, 774; Pub. L. 94–523, §§ 1–3, Oct. 17, 1976, 90 Stat. 2474. 53903(b)46 App.:1283(a) (2d sentence). 53903(c)46 App.:1284.June 29, 1936, ch. 858, title XII, § 1204, as added Sept. 7, 1950, ch. 906, 64 Stat. 774. In subsections (a)(2) and (b), the words “foreign vessel” are substituted for “foreign-flag vessels” because of the definition of “foreign vessel” in chapter 1 of the revised title. In paragraph (3), references to the territories and possessions of the United States are omitted as unnecessary because of the definition of “United States” in chapter 1 of the revised title. In paragraph (5), the words “individual on a vessel insurable under this section” are substituted for “masters, officers, and crews of such vessels, and of other persons transported on such vessels” to eliminate unnecessary words. In paragraph (6), the words “individual on a vessel insurable under this section” are substituted for “Masters, officers, members of the crews of such vessels and other persons employed or transported thereon” to eliminate unnecessary words.