Expenditure of marine insurance loss payments.

22 C.F.R. § 201.26
in effectEffective: 2024-07-01
Sign in to generate a plain English summaryAsk Belisarius Agent
Unless otherwise authorized by USAID, any marine insurance loss payment under a marine insurance policy financed pursuant to this part 201 received by the importer, either directly or indirectly, shall be used by the importer as follows: (a) To procure from a source specified in the implementing document which originally provided the USAID funds, commodities which have been designated by USAID to the borrower/grantee as eligible for USAID financing; or (b) To cover the cost of repairs to commodities damaged during shipment.

Starting a business? Corpus forms LLCs in all 50 states and DC.