    [Weekly Compilation of Presidential Documents Volume 44, Number 47 (Monday, December 1, 2008)]
    [Page 1459]
    [Online from the Government Publishing Office, www.gpo.gov]

    <R04>
    Memorandum on Provision of Marine War Risk Insurance Coverage

    November 25, 2008

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

    Subject: Provision of Marine War Risk Insurance Coverage

        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.<FP<ls-thn-eq>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.
                                                    George W. Bush

     [Filed with the Office of the Federal Register, 11:15 a.m., November
    26, 2008]

    Note: This memorandum was released by the Office of the Press Secretary
    on November 26, and it was published in the Federal Register on November
    28.