Ukraine War Risk Insurance Act

The Ukraine War Risk Insurance Act provides war risk insurance coverage for commercial vessels transporting cargo to or from Ukraine, making eligible vessels owned by citizens of NATO countries, Ukraine, or other countries designated by the U.S. government for national security reasons. It establishes the "Insurance for Ukraine Initiative" within the Department of State to coordinate with private insurers, encourage European allies to provide insurance, and support Ukraine’s economic recovery. The initiative must submit annual reports to Congress for four years, assessing progress toward these goals and proposing further legislative actions. The bill also directs diplomatic efforts to support countries offering such insurance and to advocate for a multilateral insurance mechanism at the UN Food and Agriculture Organization.