Bill > HR3973

This bill aims to provide temporary war risk insurance for commercial vessels operating in Ukraine by establishing a new insurance program and supporting Ukraine's economic recovery. Specifically, the bill creates the Insurance for Ukraine Initiative within the State Department to bolster confidence in Ukraine's economic recovery, encourage European allies to invest in Ukraine, and promote economic integration. The bill expands war risk insurance eligibility for vessels owned by citizens of NATO countries, Ukraine, or other countries deemed eligible by the Secretary of State, and removes certain cargo restrictions for vessels importing or exporting goods to and from Ukraine for a five-year period. The legislation also requires the Secretary of State to submit annual reports on the initiative's progress and to provide diplomatic support to countries offering war risk insurance. Additionally, the bill directs the U.S. representative to the UN Food and Agriculture Organization to develop a multilateral insurance mechanism to protect grain and commodity shipments from Ukraine, with the broader goal of ensuring affordable and safe transportation of agricultural products during the ongoing conflict with Russia.

Military Affairs and Security

https://www.congress.gov/bill/119th-congress/house-bill/3973/all-info