---
kind: "section"
citation: "50 C.F.R. § 253.17"
title: "50"
number: "253.17"
heading: "Insurance."
url: "https://uscodex.org/cfr/50/253.17"
---

# §253.17. Insurance.

- (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.

## Notes

### Authority

Authority: 46 U.S.C. 53701 and 16 U.S.C. 4101 et seq.

### Source

Source: 75 FR 78623, Dec. 16, 2010, unless otherwise noted.