Ukraine War Risk Insurance Act

Key Points

• The bill makes commercial ships carrying cargo to or from Ukraine eligible for U.S. government war risk insurance for five years. Because private insurance is often too expensive or unavailable due to the ongoing conflict, this federal backstop would keep trade routes open.
• Eligible ships include those owned by citizens of NATO countries, Ukraine, or other nations approved by the Secretary of State. This broad eligibility is designed to encourage allied nations to participate in Ukrainian trade.
• A new Insurance for Ukraine Initiative would be created within the State Department to coordinate with private insurers, encourage European allies to invest in Ukraine's recovery, and promote Ukraine's economic integration with Europe and the U.S.
• The bill also directs the U.S. to push for a multilateral insurance system at the U.N. Food and Agriculture Organization to protect grain shipments from Ukraine, aiming to keep global food prices stable.
• Congress explicitly links Ukrainian trade to U.S. national interests, stating that shipping cargo to and from Ukraine serves American defense and economic goals.