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B-158766 1 (1977-02-08)

handle is hein.gao/gaobacyye0001 and id is 1 raw text is: 1 20 UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON. D.C. 20548 IN REPLY REFER Tor riE OFGENERAL OUNSI. B-1$8766 1977 The Honorable Alan Cranston United States Senate Dear Senator Cranston This is in response to your letter dated Necember 21, 1976, on behalf of your constituent, Rev. Arthur Richards, 1650 West Mouitain Street, Glendale, California. 91201, regarding his inquiry concerning U.S. Government Insurance contracts. Rev. Richards advised you by letter dated December 12. 1976. that as a licensed insurance broker he was interested in obtaining 'U.S. Government insurance contracts and was seeking information relative to where such contracts could be obtaine and the ,rocedureq to he used in obtaininft such contracts. In reply to Pev. Richard's inquiry we note that the Federal Covernment's long standing nolicy has been to self-insure its on risks of less. As far back as February 9. 1A92, the first Comptroller if the Treasury so advised the Nenartment of State. In thLs connection we have stated that: It is a settled policy of the United States to assume its own risks and the established rule is that, unless ezpressly provided b statute, funds for the support of Government activities are not considered applicable generally for the purchase * of insurance to cover losa of or damage to Govern- ment property. * * * It is not sufficient that thara ia no law specifically providing that the United States shall not insure its property against loss, but rather that there is some law which speci- fically authorizes it. * * * The basic principle of fire, tornado, or other similar insurance is the lessening of the burden of individual losses by wider diatribution thereof, and it is difficult to conceive of a person, corporation, or legal entity better prepared to carry insurance or sustAin a lose than the United States Government. As to

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