(1) is required in prosecuting a war or for national defense; and
(2) cannot be obtained at reasonable rates or on reasonable terms and conditions from approved companies authorized to do insurance business in a State of the United States.
|Source (U.S. Code)||Source (Statutes at Large)|
|53904||46 App.:1286.||June 29, 1936, ch. 858, title XII, §1206, as added Sept. 7, 1950, ch. 906, 64 Stat. 774; Aug. 3, 1956, ch. 929, §5, 70 Stat. 986.|
In subsection (a), the words "a vessel" are substituted for "any American- or foreign-flag vessel, public or private" to eliminate unnecessary words.
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