(1) in a form and amount determined by the Federal Maritime Commission to insure financial responsibility; and
(2) issued by a surety company found acceptable by the Secretary of the Treasury.
(1) shall be available to pay any penalty assessed under section 41109 of this title or any order for reparation issued under section 41305 of this title;
(2) may be available to pay any claim against an ocean transportation intermediary arising from its transportation-related activities—
(A) with the consent of the insured ocean transportation intermediary and subject to review by the surety company; or
(B) when the claim is deemed valid by the surety company after the ocean transportation intermediary has failed to respond to adequate notice to address the validity of the claim; and
(3) shall be available to pay any judgment for damages against an ocean transportation intermediary arising from its transportation-related activities, if the claimant has first attempted to resolve the claim under paragraph (2) and the claim has not been resolved within a reasonable period of time.
|Source (U.S. Code)||Source (Statutes at Large)|
|40902||46 App.:1718(b).||Pub. L. 98–237, §19(b), Mar. 20, 1984; added Pub. L. 105–258, title I, §116(4), Oct. 14, 1998, 112 Stat. 1913.|
In subsection (b), in paragraphs (2) and (3), the words "described in section 1702(17) of this Appendix" are omitted as unnecessary.
2018—Subsec. (a). Pub. L. 115–282 inserted "advertise, hold oneself out, or" after "may not" in introductory provisions.
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