Ukraine War Risk Insurance Act

This legislation would let the U.S. offer temporary “war risk” insurance to commercial ships that carry goods to and from Ukraine for up to five years after the law takes effect. It also widens what kinds of cargo can be insured on these routes. The goal is to keep trade moving despite war risks, which Congress says is important for America’s economy and security.

It would set up an “Insurance for Ukraine Initiative” at the State Department to work with allies and private insurers, build confidence in Ukraine’s recovery, and help ensure the steady and affordable shipment of grain and other food from Ukraine. The State Department must report on progress within one year and then every year for three more years. The U.S. would also use its diplomatic voice, including at the U.N. Food and Agriculture Organization, to push for a global insurance plan that protects grain and other shipments from Ukraine .

Key points

• Who is affected: Shipping companies moving goods to or from Ukraine; U.S. agencies; allied governments; private insurers; people and countries that rely on Ukrainian grain and other food.
• What changes: Temporary U.S. war risk insurance becomes available for these ships; more cargo types can be insured; new State Department effort to coordinate insurance and support food shipments; U.S. diplomatic push for a global insurance mechanism .
• When: Starts on enactment; insurance authority lasts for five years; progress reports begin within one year and continue annually for three more years .