From inside the book
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Page 1
... bill to authorize the creation of a marine and war - risk insurance fund , is enacted into law . Will you tell us about that ? GENERAL STATEMENT Admiral LAND . Mr. Chairman , Public Act , No. 677 ( H. R. 6572 ) , approved June 29 , 1940 ...
... bill to authorize the creation of a marine and war - risk insurance fund , is enacted into law . Will you tell us about that ? GENERAL STATEMENT Admiral LAND . Mr. Chairman , Public Act , No. 677 ( H. R. 6572 ) , approved June 29 , 1940 ...
Page 13
... bill covers some ships which would only be covered when they were sent on that kind of a voyage , and they would only be sent under the policies of the Congress . Mr. WIGGLESWORTH . When you say that on an $ 18,000,000 ship you can only ...
... bill covers some ships which would only be covered when they were sent on that kind of a voyage , and they would only be sent under the policies of the Congress . Mr. WIGGLESWORTH . When you say that on an $ 18,000,000 ship you can only ...
Page 18
... bill which insured also foreign bottoms and cargoes and went much further than the present law , said : The wise man provides for the future and he does not wait until a thing hits him in the head before he puts his fist up . * * * The ...
... bill which insured also foreign bottoms and cargoes and went much further than the present law , said : The wise man provides for the future and he does not wait until a thing hits him in the head before he puts his fist up . * * * The ...
Page 19
... bill that guar- anteed foreign ships . His statement continues : * And , of course , the last thing in the world ... bill was before the committee , there was no objection on the part of the insurance companies , but just before the bill ...
... bill that guar- anteed foreign ships . His statement continues : * And , of course , the last thing in the world ... bill was before the committee , there was no objection on the part of the insurance companies , but just before the bill ...
Page 20
... bill , the labor organizations took it up with us . They felt that probably the market then would take care of that kind of insurance and we found out that , since 1939 , there had been a growth in the American market . But we have ...
... bill , the labor organizations took it up with us . They felt that probably the market then would take care of that kind of insurance and we found out that , since 1939 , there had been a growth in the American market . But we have ...
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Common terms and phrases
Admiral LAND amended American bottoms American commerce American insurance market American market American shipping ance approximately authorized to provide BUELL SNYDER Bureau capacity Cape Horn cargo insurance carried in American claims CLARENCE CANNON Commission is authorized companies authorized conditions from companies cover crews of American EMMET O'NEAL expenses following capture foreign freight and passage going Government Hedge insurance business insurance or reinsurance insurance protection JOHN TABER JOHNSON of West KIRSCH legislation Lloyds London market loss or damage LOUIS LUDLOW marine and war-risk marine insurance marine war risks Maritime Commission maximum Merchant Marine Act obtained on reasonable officers OGDEN personal injury personnel policies issued rates reasonable terms reinsurance against loss reinsurance of marine reserve revolving fund seamen's risk subtitle surance terms and conditions underwriters United States following vessels including vessels voyage war-risk insurance fund water-borne commerce West Virginia WIGGLESWORTH WILLIAM DITTER WOODRUM world insurance market
Popular passages
Page 22 - Government providing marine or air war-risk insurance. (3) In providing insurance pursuant to this subsection, the Bank may reinsure in whole or in part any company authorized to do an insurance business in any State of the United States...
Page 2 - ... whenever it appears to the Secretary that such insurance adequate for the needs of the waterborne commerce of the United States cannot be obtained on reasonable terms and conditions from companies authorized to do an insurance business in a State of the United States.
Page 21 - Commission is authorized to provide marine insurance and reinsurance against loss or damage by the risks of war and reinsurance against loss or damage by marine risks...
Page 16 - (b) There shall be in the Treasury of the United States a revolving fund to be known as the marine and war-risk insurance fund (hereinafter referred to as the fund), to be used for carrying out the provisions of this subtitle, and to be constituted of such sums as may be appropriated to such fund and of moneys and receipts credited thereto as herein provided. There are hereby authorized to be appropriated to such fund such sums as may be necessary to carry out the provisions of this subtitle. All...
Page 16 - Be it enacted by the Senate and House of Representatives of the United States of America...
Page 16 - Provide marine insurance and reinsurance against loss or damage by the risks of war as authorized by Title II of the Merchant Marine Act, 1936, as amended.
Page 21 - Treasury to the credit of such fund. Payments of return premiums, losses, settlements, judgments, and all liabilities incurred by the United States under this title shall be made from such fund through the Division of Disbursement, Treasury Department.
Page 21 - Commission may insure against loss or damage by the risks of war, property, as follows : "(a) (1) American vessels (including vessels under construction), (2) cargoes shipped or to be shipped therein : Provided. That in the event of the suspension of the present neutrality law no vessel or its officers and crew, carrying contraband and no cargo of contraband shall be insured under any provision of this Act, (3) their disbursements, and freight and passage moneys, and (4) personal effects of the...
Page 16 - American vessels (including any such vessel owned or controlled by or chartered to the Commission) against loss of life, personal injury, or detention by any government except that of the United States following capture.
Page 15 - Suppose this act had been on the books 6 months ago, how much would we have actually used for insurance? Admiral LAND. I doubt if we would have used any, because we did not have the conditions 6 months ago that obtain now, and we did not have the ships. Mr. JOHNSON of West Virginia. Again, let me ask you this question : You are not going to use this money unless you have to ? Admiral LAND. That is right. Mr. JOHNSON of West Virginia. And it is not going to cost the Government anything, whether we...