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Current as of October 02, 2022 | Updated by FindLaw Staff
(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.
Cite this article: FindLaw.com - Code of Federal Regulations Title 50. Wildlife and Fisheries § 50.253.17 Insurance - last updated October 02, 2022 | https://codes.findlaw.com/cfr/title-50-wildlife-and-fisheries/cfr-sect-50-253-17/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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