What does Preamble of Ukraine War Risk Insurance Act do?

This bill aims to provide temporary war risk insurance for certain commercial vessels. The insurance applies to vessels operating while importing goods to, or exporting goods from, Ukraine.

What does SHORT TITLE. of Ukraine War Risk Insurance Act do?

This bill is formally titled the 'Ukraine War Risk Insurance Act'.

What does FINDING. of Ukraine War Risk Insurance Act do?

This section establishes a finding by Congress. Congress finds that waterborne commerce involving cargo to or from Ukraine is in the interest of the national defense or national economy of the United States.

What does WAR RISK INSURANCE ELIGIBILITY FOR CERTAIN COMMERCIAL VESSELS of Ukraine War Risk Insurance Act do?

This section modifies eligibility for war risk insurance under chapter 539 of title 46, United States Code, for vessels operating in Ukraine. For a period of five years from the date of enactment, vessels engaged in importing or exporting cargo to or from Ukraine are deemed eligible for such insurance. Subparagraphs (B) through (D) of section 53903(a)(3) of title 46 do not apply to cargo imported or exported to or from Ukraine. A 'covered vessel' is defined as one owned by a citizen of a NATO member country, Ukraine, or another country designated by the Secretary of State in consultation with the Secretary of Transportation. The term 'owned by a citizen' is defined based on the citizenship determination process outlined in section 50501 of title 46, United States Code.

What does INSURANCE FOR UKRAINE INITIATIVE. of Ukraine War Risk Insurance Act do?

This section establishes the 'Insurance for Ukraine Initiative' within the Department of State. The initiative aims to bolster confidence in Ukraine's economic recovery by providing war risk insurance. It seeks to encourage investment in Ukraine's economic recovery from European allies and partners. The initiative intends to promote economic integration between Ukraine and Europe, the United States, and Ukraine's accession to the European Union. It will coordinate outreach with insurance companies regarding war risk insurance for Ukraine. The initiative aims to facilitate the shipment of grain and food commodities from Ukraine. The Secretary of State must submit annual reports to congressional committees assessing progress and proposing legislative actions to further the initiative's objectives.

What does DIPLOMATIC AND POLITICAL SUPPORT. of Ukraine War Risk Insurance Act do?

This section directs the Secretary of State to provide diplomatic and political support to countries that provide war risk insurance for Ukraine. This support includes using the Department of State's influence and expertise to build the capacity of these countries.

What does VOICE, VOTE, AND INFLUENCE OF THE UNITED STATES AT THE U.N. of Ukraine War Risk Insurance Act do?

This section directs the Secretary of State to instruct the United States Representative to the Food and Agriculture Organization of the United Nations to pursue a multilateral insurance mechanism. The purpose of this mechanism is to protect the shipment of grain and other commodities from Ukraine.

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Ukraine War Risk Insurance Act

Last updated: 6/12/2025 · Introduced: 6/12/2025

Author: William Keating (D-MA)

TL;DR (AI)

This bill expands eligibility for war risk insurance to commercial vessels importing from or exporting to Ukraine for five years, easing restrictions on cargo.
It establishes the 'Insurance for Ukraine Initiative' within the Department of State to encourage investment in Ukraine's economic recovery and facilitate grain shipments.
The bill directs the Secretary of State to provide diplomatic support to countries offering war risk insurance for Ukraine and to pursue a multilateral insurance mechanism at the United Nations.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 5 more.

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