SPECIAL TOPICS IN MARITIME LAW : Marine Insurance Law in Korea = SPECIAL TOPICS IN MARITIME LAW : Marine Insurance Law in Korea

다국어 초록 (Multilingual Abstract)

This article is on the marine insurance law in Korea, however, not being an in-depth study but seeking to briefly introduce the marine insurance law in Korea and expand on some related issues to consider. The source of law and prevailing insurance policies applicable to hull insurance, cargo insurance and P&I insurance in Korea are introduced, followed by consideration of some of the issues arising from the marine insurance law in Korea. This article shows the way how not only the Korean Commercial Code but also the 1906 Marine Insurance Act in England is chosen to govern the hull insurance and cargo insurance involving the Korean companies and also shows that ITC (Hulls) 1983 for hull insurance and ICC 1963 (or 1982) for cargo insurance are prevailing in Korea. Lastly, it considers some issues arising from the marine insurance in Korea, in particular those being recently discussed such as the issue of warranty or a third party victim’s direct claim against the liability insurer.