Fishing Vessel Insurance and Safety Act

[AI summary unavailable — showing source text] Fishing Vessel Insurance and Safety Act - Authorizes the Secretary of Commerce to promulgate voluntary safety standards for the construction, reconstruction, and operation of commercial fishing vessels. Authorizes the Secretary to develop a certification system for determining compliance with these standards. Provides for the guarantee of loans made to vessel owners for the costs of meeting these standards. Limits the amount of these loans to $15,000,000. Authorizes the Secretary to guarantee loans to fishermen's marine insurance associations to provide insurance against: (1) damage to, or loss of, commercial fishing vessels; (2) injury or death to crew; or (3) other risks associated with commercial fishery operations. Limits such loans guaranteed to 50 percent of the capital and surplus of the association. Provides that associations may insure only vessels owned by U.S. citizens who are members of the association. Limits the loan guarantee total to $10,000,000. Provides that loans will be guaranteed subject to specified conditions and limitations. Creates a Loan Guarantee Fund as a revolving fund to carry out the purposes of this Act. Provides that no applications for loans may be…