Transportation Secretary extends war risk coverage
U.S. Secretary of Transportation Norman Mineta has extended for one year the provision of war risk insurance for vessels “entering the Middle East region,” the U.S. Maritime Administration (MarAd) said in a statement.
The extension means that insurance or reinsurance for such ships, their cargoes and crews against loss or damage by war risks will continue from Dec. 13, 2003, for one calendar year, under Title XII of the Merchant Marine Act of 1936, as amended.
President Bush approved the provision of vessel war risk insurance on Dec. 12, 2001. Coverage has been renewed annually.