I 

118TH CONGRESS 

2D SESSION H. R. 7353 

To provide temporary war risk insurance for certain commercial vessels 

operating importing goods to, or exporting goods from, Ukraine. 

IN THE HOUSE OF REPRESENTATIVES 

FEBRUARY 14, 2024 

Mr. KEATING (for himself, Mr. QUIGLEY, and Mr. MCGOVERN) introduced the 

following bill; which was referred to the Committee on Foreign Affairs, 

and in addition to the Committee on Transportation and Infrastructure, 

for a period to be subsequently determined by the Speaker, in each case 

for consideration of such provisions as fall within the jurisdiction of the 

committee concerned 

A BILL 

To provide temporary war risk insurance for certain commercial vessels operating importing goods to, or exporting 

goods from, Ukraine. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Ukraine War Risk In5 surance Act’’. 

6 SEC. 2. FINDING. 

7 Congress finds that the transportation in the water8 borne commerce importing cargo to, or exporting cargo 


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1 from, Ukraine is in the interest of the national defense 

2 or national economy of the United States. 

3 SEC. 3. WAR RISK INSURANCE ELIGIBILITY FOR CERTAIN 

4 COMMERCIAL VESSELS OPERATING IN 

5 UKRAINE. 

6 (a) ELIGIBILITY.—Notwithstanding section 53902 of 

7 title 46, United States Code, for the period beginning on 

8 the date of enactment of this Act, and ending 5 years after 

9 such date, a covered vessel shall be deemed to be eligible 

10 for insurance or reinsurance under chapter 539 of title 

11 46, United States Code, if such vessel is engaged in trans12 portation in waterborne commerce importing cargo to, or 

13 exporting cargo from, Ukraine. 

14 (b) EXPANSION OF CARGO.—Subparagraphs (B) 

15 through (D) of section 53903(a)(3) of title 46, United 

16 States Code, shall not apply to cargo imported or exported 

17 to or from Ukraine. 

18 (c) DEFINITIONS.—In this section: 

19 (1) COVERED VESSEL.—The term ‘‘covered ves20 sel’’ means a vessel that is owned by a citizen of— 

21 (A) a member country of the North Atlan22 tic Treaty Organization; 

23 (B) Ukraine; or 

24 (C) any other country the Secretary of 

25 State, in consultation with the Secretary of 


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1 Transportation, determines, in the interest of 

2 national security, shall be considered eligible for 

3 insurance or reinsurance under chapter 539 of 

4 title 46, United States Code. 

5 (2) OWNED BY A CITIZEN.—The term ‘‘owned 

6 by a citizen’’ means ownership by an entity that is 

7 considered to be a citizen of a country in the same 

8 manner as an entity is deemed to be a citizen of the 

9 United States under section 50501 of title 46, 

10 United States Code. 

11 SEC. 4. INSURANCE FOR UKRAINE INITIATIVE. 

12 (a) ESTABLISHMENT.—There is established in the 

13 Department of State an entity to be known as the Insur14 ance for Ukraine Initiative. 

15 (b) OBJECTIVES.—The objectives of the Insurance 

16 for Ukraine Initiative are the following: 

17 (1) Bolster confidence in Ukraine’s eventual 

18 economic recovery from Russia’s full-scale invasion 

19 through the provision of war risk insurance. 

20 (2) Encourage European allies and partners to 

21 finance and invest in Ukraine’s economic recovery, 

22 including through the provision of war risk insur23 ance. 

24 (3) Promote closer economic integration be25 tween Ukraine and other countries in Europe as well 


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1 as the United States and further Ukraine’s acces2 sion to the European Union. 

3 (4) Coordinate dialogue and fora for extensive 

4 outreach with private sector insurance companies re5 lating to the provision of war risk insurance to 

6 Ukraine. 

7 (5) Work with Ukraine, international organiza8 tions, and Middle Eastern and African allies and 

9 partners to ensure the bountiful and affordable ship10 ment of grain and other food commodities from 

11 Ukraine. 

12 (c) REPORT.—Not later than 1 year after the date 

13 of the enactment of this Act, and annually thereafter for 

14 the following 3 years, the Secretary of State shall submit 

15 to the appropriate congressional committees a report that 

16 includes assessments of— 

17 (1) progress towards the achievement of each of 

18 the objectives set forth in subsection (b); and 

19 (2) legislative proposals that would further the 

20 objectives set forth in subsection (b); 

21 (d) DEFINITION.—In this section, the term ‘‘appro22 priate congressional committees’’ means— 

23 (1) the Committee on Foreign Affairs of the 

24 House of Representatives; and 


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1 (2) the Committee on Foreign Relations of the 

2 Senate. 

3 SEC. 5. DIPLOMATIC AND POLITICAL SUPPORT. 

4 The Secretary of State, in coordination with the 

5 heads of other relevant Federal departments and agencies, 

6 shall seek to provide diplomatic and political support to 

7 countries that provide or provide support for war risk in8 surance for Ukraine, including by using the diplomatic 

9 and political influence and expertise of the Department 

10 of State to build the capacity of such countries. 

11 SEC. 6. VOICE, VOTE, AND INFLUENCE OF THE UNITED 

12 STATES AT THE U.N. FOOD AND AGRI13 CULTURE ORGANIZATION. 

14 The Secretary of State shall direct the United States 

15 Representative to the Food and Agriculture Organization 

16 of the United Nations to use the voice, vote, and influence 

17 of the United States at such Organization to seek to de18 velop a multilateral insurance mechanism to protect the 

19 shipment of grain and other commodities from Ukraine. 

Æ 


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