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Memorandum for the Secretary of State and the Secretary of Transportation
and the Director of the Office of Management and Budget
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For Immediate Release Office of the Press Secretary November 26, 2008

Memorandum for the Secretary of State and the Secretary of Transportation
and the Director of the Office of Management and Budget SUBJECT: Provision
of Marine War Risk Insurance Coverage

ÿÿWhite House News


November 25, 2008

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.

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

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