War Risk Waterborne Agreement

The National Technology Transfer and Advancement Act (15 U.S.C. 272 notes) requires federal authorities that introduce government technical standards to verify whether voluntary consensus standards are available. If the Agency chooses to adopt its own standards in place of existing voluntary consensus standards, it must explain its decision in a separate statement to the OMB. Mr. MARAD found that there were no voluntary consensus standards at the national level on the war risk insurance program, which is addressed in this Regulation. b) the amount of the loan. An applicant who wishes to provide a guarantee loan is required to provide the insurance company with a guarantee loan under Form MA-308, which is provided to the insurance company in accordance with section 308.528, which is carried out by the insured as the principal obligatory and by the guarantee, in an amount that the insured deems necessary to comply with Article 21. This amount must be multiplied by 500, but must not be less than $1,000. After receiving the security loan, the insurance agent assigns him a serial number and forwards it to “Maritime Administration, Attention: Chief, Division of Marine Insurance.” It is the insured`s responsibility to provide that the amount of the loan is sufficient at all times to cover the reward premium for all policy-related risks, in order to prevent the termination of the insurance in accordance with section 21.

Section 21 of the policy requires the insured to maintain a guarantee fund or guarantee loan with the marine administrator in order to ensure the payment of premiums at an amount that must at any time exceed unpaid premiums for all policy risks. The minimum amount of the fund or guarantee loan is $1,000. Article 21 also provides that the insured deposits additional guarantees or increases the guarantee loan within seven (7) days from the date on which it is known that the amount of the deposit or guarantee facility is not sufficient to meet the requirements of Clause 21, or that he increases the guarantee loan by less than or equal to twice the amount of this shortfall , and for a 17905 starter paper page that must be a $500 multiple. If, since then, the insured does not increase the deposit or guarantee within the seven-day period, the policy automatically expires at the end of the seven-day period, except for the risks incurred before that date. The procedure for establishing a guarantee fund is prescribed by the provisions of p. 308.509 and the procedure for seconding and maintaining a guarantee loan is provided for in . . An open freight policy application is inoperative, unless a guarantee fund is created and maintained or a guarantee loan is reserved and maintained in accordance with the provisions of this section and page 308.510. Acceptance of an application consists of issuing an intermediary logbinder in the form of page 308.106 and including, by references, all the imequifentes and guarantees of the war risk insurance application and war risk insurance (see .

308.107) as long as such an application and policy is part of the binder. The (non-refundable) binder fee for U.S. vessels is $25 per request for vessels under 500 gross tons; $100 per application for ships starting at 500 T; $100 per cash application.