Provision of Marine War Risk Insurance Coverage, 72685 [E8-28539]

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• Executive Office of the President

[Federal Register Volume 73, Number 230 (Friday, November 28, 2008)]
[Presidential Documents]
[Page 72685]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-28539]




                        Presidential Documents 



Federal Register / Vol. 73, No. 230 / Friday, November 28, 2008 / 
Presidential Documents

___________________________________________________________________

Title 3--
The President

[[Page 72685]]

                Memorandum of November 25, 2008

                
Provision of Marine War Risk Insurance Coverage

                Memorandum for the Secretary of State[,] the Secretary 
                of Transportation [and] the Director of the Office of 
                Management And Budget

                By virtue of the authority vested in me by the 
                Constitution and laws of the United States, including 3 
                U.S.C. 301 and 46 U.S.C. chapter 539, I hereby approve 
                the provision by the Secretary of Transportation of 
                insurance or reinsurance of vessels (including cargo 
                and crew) against loss or damage from war risks in the 
                manner and to the extent provided in chapter 539 of 
                title 46, United States Code, for trade in the Black 
                Sea, whenever, after consultation with the Secretary of 
                State, it appears to the Secretary of Transportation 
                that such insurance adequate for the needs of the 
                water-borne commerce of the United States cannot be 
                obtained on reasonable terms and conditions from 
                companies authorized to do insurance business in a 
                State of the United States. To the extent individual 
                policies involve an exposure in excess of the amounts 
                available in the War Risk Revolving Fund, such policies 
                may be issued only after consultation with the Office 
                of Management and Budget. This approval to provide 
                insurance or reinsurance is effective for 90 days, 
                except that existing policies shall remain in force 
                pursuant to the terms of these policies. I hereby 
                delegate to the Secretary of Transportation, in 
                consultation with the Secretary of State, the authority 
                vested in me by 46 U.S.C. 53902 and 53905.

                The Secretary of Transportation is directed to bring 
                the approval to the immediate attention of all U.S.-
                flag vessel operators and to arrange for its 
                publication in the Federal Register. 
                
                
                    (Presidential Sig.)

                THE WHITE HOUSE,

                    WASHINGTON, November 25, 2008.

[FR Doc. E8-28539
Filed 11-26-08; 11:15 am]
Billing code 4910-62-M