§ 253.17 Insurance.
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Title 50 CFR: Wildlife and Fisheries › Chapter II: NATIONAL MARINE FISHERIES SERVICE, NATIONAL OCEANIC AND ATMOSPHERIC ADMINISTRATION, DEPARTMENT OF COMMERCE › Part 253: FISHERIES ASSISTANCE PROGRAMS › Subpart B: Fisheries Finance Program › § 253.17: § 253.17 Insurance.
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(a) All insurable collateral property and other risks shall be continuously insured so long as any balance of principal or interest on a Program loan or guarantee remains outstanding.
(b) Insurers must be acceptable to the Program.
(c) Insurance must be in such forms and amounts and against such risks the Program deems necessary to protect the United States' interest.
(d) Insurance must be endorsed to include the requirements the Program deems necessary and appropriate.
(1) Normally and as appropriate, the Program will be named as an additional insured, mortgagee, or loss payee, for the amount of its interest; any waiver of this requirement must be in writing;
(2) Cancellation will require adequate advance written notice;
(3) The Program will be adequately protected against other insureds' breaches of policy warranties, negligence, omission, etc., in the case of marine insurance, vessel seaworthiness will be required;
(4) The insured must provide coverage for any other risk or casualty the Program may require.
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