War Risk Insurance for Title XI Mortgaged Domestic Vessels

The U.S. Maritime Administration (MARAD) has issued its policy review with regard to commercial war risk hull and P&I insurance on Title XI mortgaged vessels operated exclusively on the inland rivers and intercoastal waterways of the United States and the Great Lakes. MARAD has for the time being determined to continue to follow its long-standing policy that waives the Security Agreement requirement for commercial war risk insurance for such vessels. MARAD retains, though, the option to rescind or revise the current waiver policy if circumstances warrant. Source: HK Law