Premiums and limitations on coverage and claims

§ 44306. Premiums and limitations on coverage and claims (a) Premiums Based on Risk.—To the extent practical, the premium charged for insurance or reinsurance under this chapter shall be based on consideration of the risk involved. (b) Time Limits.—The Secretary of Transportation may provide insurance and reinsurance under this chapter for a period of not more than 60 days. The period may be extended for additional periods of not more than 60 days each only if the President decides, before each additional period, that the continued operation of the aircraft to be insured or reinsured is necessary to carry out the foreign policy of the United States Government. (c) Maximum Insured Amount.—The insurance policy on an aircraft insured or reinsured under this chapter shall specify a stated amount that is not more than the value of the aircraft, as determined by the Secretary. A claim under the policy may not be paid for more than that stated amount.