Sponsors (3)
Allows qualifying commercial ships moving cargo to or from Ukraine to obtain U.S. war risk insurance for a limited five-year period, creates a State Department initiative to provide and promote that insurance and related investment in Ukraine’s recovery, and directs diplomatic action to encourage other countries and the FAO to develop multilateral insurance to protect Ukrainian grain and commodity shipments. Requires reporting to Congress on progress and any legislative proposals.
Congress finds that the transportation in the waterborne commerce importing cargo to, or exporting cargo from, Ukraine is in the interest of the national defense or national economy of the United States.
For the period beginning on the date this Act is enacted and ending 5 years after that date, a "covered vessel" that is engaged in waterborne commerce importing cargo to, or exporting cargo from, Ukraine is deemed eligible for insurance or reinsurance under title 46, United States Code (chapter 539), notwithstanding section 53902 of title 46.
Subparagraphs (B) through (D) of 46 U.S.C. 53903(a)(3) do not apply to cargo imported or exported to or from Ukraine.
Defines "covered vessel" as a vessel owned by a citizen of (A) a NATO member country; (B) Ukraine; or (C) any other country that the Secretary of State, in consultation with the Secretary of Transportation, determines—based on national security interest—should be eligible for insurance or reinsurance under title 46.
Defines "owned by a citizen" to mean ownership by an entity that is considered a citizen of a country in the same manner an entity is deemed a citizen of the United States under 46 U.S.C. 50501.
Primary effects are on the maritime shipping and insurance sectors and on Ukrainian exporters. Vessel operators and shippers carrying cargo to or from Ukraine may gain access to U.S.-authorized war risk insurance, lowering insurance costs or removing barriers that had limited commercial carriage. Insurance providers and brokers could see new business opportunities but also potential exposure depending on risk-sharing arrangements; the measure does not specify an explicit U.S. financial backstop or appropriation. Ukraine’s agricultural and commodity exporters stand to benefit from expanded shipping options and reduced transport risk, which could support Ukraine’s economy and global food supply chains. Diplomatically, the State Department will be tasked with mobilizing partner countries and international fora (FAO) to build complementary multilateral insurance mechanisms, requiring interagency coordination. Fiscal and legal impacts on the U.S. government depend on implementation details (e.g., whether U.S. authorities assume financial liabilities or simply enable private insurers), which are not specified in the text. The authority is time-limited (five years), so effects are intended as a medium-term, targeted response rather than a permanent policy change.
Referred to the Committee on Foreign Affairs, and in addition to the Committee on Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Last progress June 12, 2025 (8 months ago)
Introduced on June 12, 2025 by William R. Keating