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http://dx.doi.org/10.5394/KINPR.2012.36.5.329

A Study on the Institute Warranties in the Institute Time Clauses-Hulls 1/10/83  

Park, Sang-Kab (Division of Maritime Transportation Science, National Korea Maritime University)
Kim, Jong-Rak (ChungSan Food)
Shin, Young-Ran (World Ocean Development Strategy Institute, National Korea Maritime University)
Publication Information
Journal of Navigation and Port Research / v.36, no.5, 2012 , pp. 329-338 More about this Journal
Abstract
The Institute Time Clauses-Hulls 1/10/83 has been using widely with attachment and/or endorsement of the Institute Warranties 1/7/76 stipulating vessel's trading limits. Taking into consideration of several changes and renewals on the contents of the Institute Time Clauses-Hulls for clarifying the clauses themselves with development on technology of vessel's construction and navigational equipments up to the present, the clauses on the Institute Warranties 1/7/76 should have been changed and/or renewed. Moreover, the insured still has been burdening additional premium in vessel's navigating and / or calling to the areas stipulated in the Institute Warranties 1/7/76 regardless of any changes of marine business environments. Thus, this study aims to analyze the Institute Warranties 1/7/76 as well as to suggest a reasonable level of additional premium for breach of Institute warranties through not only a comparative analysis between the Institute Warranties clauses and those of the corresponding Institute Warranties using in the Japanese Fire and Marine Insurance companies but also consideration of current circumstances on changes in climatic conditions, vessel design, navigation and communication requirements and capabilities.
Keywords
ITC-Hulls; 1/10/83; IW; 1/7/76; express warranty; implied warranty; breach of warranty; additional premium; trading area limits;
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