Request for Passage of a Bill to Provide for Marine War-risk Insurance.

Sir:

There is a bill, S. 2566, now pending before the Committee of Commerce of the Senate which I consider to be of such importance to the American merchant marine and to the national defense that its enactment at this session of Congress is highly desirable in the national public interest. An identical bill, H.R. 6572, is pending on the Union Calendar of the House of Representatives.

The bill (S. 2566) to amend the Merchant Marine Act of 1936, as amended, to provide for marine war-risk insurance and reinsurance and for marine risk reinsurance, and for other purposes, would make emergency provision for Government insurance against marine and marine war-risks for American vessels, cargoes, thereon, and crews thereof, when insurance protection cannot be supplied in the American insurance market on a basis adequate for the needs of such shipping. Marine insurance is an essential factor in our water-borne commerce. Under existing conditions such commerce may suddenly, by reason of the unavailability or undesirability of the world insurance market now resorted to, be unable to procure such protection on reasonable terms. The Government therefore must be in a position to supply the insurance protection necessary to keep American water-borne commerce moving in any such emergencies. I emphasize the need for prompt enactment of this legislation because the need therefor may become acute at any time, particularly in the case of certain American vessels of such high value that the American insurance market is inadequate to cover the risks involved.

I believe you will agree with me that the prompt consideration and enactment of this measure is essential to the maintenance of our domestic and foreign commerce, and to our national economy. I will appreciate whatever steps you may deem it advisable to take in order to expedite the consideration of this measure by the Senate.

Sincerely,

The President of the Senate,

Washington, D. C.