[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.