• The Korean Journal of Air & Space Law and Policy
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• v.26 no.1
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• pp.271-297
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• 2011

Recently, risk of space accident possibility increased in according to commercial space activity and space debris. It failed launch satellite second times in South Korea. Therefore was discussed on liability and insurance issue. Generally, discuss of space insurance be divided two type. Firstly, space insurance relevant to launching satellite and in-orbit. Satellite Launch Insurance and In-Orbit Insurance by the Satellite Operator Secondly, space insurance relevant to Third Party Liability. The former is to protect owner of satellite and operator. The latter is to liable and indemnify owner of satellite and operator's liability. US, UK, France, Russia, South Korea forced to buy space insurance following to domestic law. This is a brief overview of risk allocation and insurance practices in the commercial space transportation industry today. We begin with traditional space transportation, i.e., commercial satellite launches. This is a mature industry with known players. Industry practices have developed and legislation has been adopted in the U.S. and other countries over the past decades to address liability and insurance issues. The primary focus here is on U.S. law, but the discussion of industry practice applies more generally. We then move on to a more exotic form of space transportation: Commercial human space flight. Several private companies are now signing up space tourists for commercial suborbital human space flight, advertised to become available in the near future. The United States amended its launch legislation in 2004 to promote commercial human space flight. But questions remain as to how this new industry will respond to the risk allocation regime established by the U.S. legislation, which leaves both the space flight operator and space tourist exposed to risk and potential liability. As a general proposition, state statutes and contractual waivers alone cannot be relied upon to provide adequate liability protection, and insurance will be required. Federally mandated contractual waivers by space flight participants or liability caps would be helpful to complement insurance solutions. Eventually, as the industry matures, such practices could be extended to an international legal regime. For all the issues mentioned above, I have studied the existing international treaties and several country's domestic law to the space by referring U.S's Commercial Space Launch Amendment Act of 2004 and concluded that uniform legal regime to govern these insurance issues should be established domestically and internationally in the future.

• 한국노년학
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• v.29 no.1
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• pp.177-194
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• 2009

Korea government has launched long-term care insurance from 2008. However, one of the most important issues, whether or not providing cash benefit, is still unresolved. In this paper, in order to provide policy guidelines for the long-term care insurance, I attempt to estimate the Willingness-To-Accept (WTA) of the cash subsidy for informal care by using Double Bounded Dichotomous Choice method, a branch of Contingent Valuation Method (CVM). In doing so, I also estimated the determinants of the preference for cash benefit. Data were obtained from face-to-face survey interviews with 300 informal care-givers at three major general hospitals in Seoul, Korea. The questionnaire was constructed with two scenarios (mild/severe symptom). The results from logistic regression analyses and the estimation of WTA indicate that informal care-givers are willing to accept the cash benefit as low as 628 thousands won for mild fragile elderly and 1,072 thousands won for severe fragile elderly. The strength of this paper is that I estimated the WTA of the cash benefit by reflecting the changes in preferences of informal care-givers. The analytic results from the this paper suggest that the cash benefit in long-term care insurance is indispensible in achieving the goal of the long-term care system.

• Journal of the Korean Geographical Society
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• v.41 no.1 s.112
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• pp.106-120
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• 2006

Natural or man-made disaster has been expected to be one of the potential themes that can integrate human geography and physical geography. Typhoons like Rusa and Maemi caused great loss to insurance companies as well as public sectors. We have implemented a natural disaster management system for a private insurance company to produce better estimation of hazards from high wind as well as calculate vulnerability of damage. Climatic gauge sites and addresses of contract's objects were geo-coded and the pressure values along all the typhoon tracks were vectorized into line objects. National GIS topog raphic maps with scale of 1: 5,000 were updated into base maps and digital elevation model with 30 meter space and land cover maps were used for reflecting roughness of land to wind velocity. All the data are converted to grid coverage with $1km{\times}1km$. Vulnerability curve of Munich Re was ad opted, and preprocessor and postprocessor of wind velocity model was implemented. Overlapping the location of contracts on the grid value coverage can show the relative risk, with given scenario. The wind velocities calculated by the model were compared with observed value (average $R^2=0.68$). The calibration of wind speed models was done by dropping two climatic gauge data, which enhanced $R^2$ values. The comparison of calculated loss with actual historical loss of the insurance company showed both underestimation and overestimation. This system enables the company to have quantitative data for optimizing the re-insurance ratio, to have a plan to allocate enterprise resources and to upgrade the international creditability of the company. A flood model, storm surge model and flash flood model are being added, at last, combined disaster vulnerability will be calculated for a total disaster management system.

• The Korean Journal of Air & Space Law and Policy
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• v.21 no.1
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• pp.169-189
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• 2006

In 2007, KSLV(Korea Small Launching Vehicle) that we made at Goheung National Space Center is going to launch and promotes of our space exploration systematically and 'Space Exploration Promotion Act' was enter into force. 'Space Exploration Promotion Act' article 3, section 1, as is prescribing "Korean government keeps the space treaties contracted with other countries and international organizations and pursues after peaceful uses of outer space." The representative international treaties are Outer Space Treaty (1967) and Liability Convention (1972) etc. In Liability convention article 2, "A launching State shall be absolutely liable to pay compensation for damage caused by its space object on the surface of the earth or to aircraft in flight. The important content of the art. 2 is the responsible entity is the 'State' not the 'Company'. According by Korean Space Exploration Act art. 14, person who launches space objects according to art. 8 and art. 11 must bear the liability for damages owing to space accidents of the space objects. Could Korean government apply the Products Liability Act which is enter into force from July 1, 2002 to space launching person? And what is the contact type between Korea Aerospace Research Institute(KARl) and Russia manufacturer. Is that a Co-Development contract or Licence Product contract? And there is no exemption clause to waive the Russia manufacturer's liability which we could find it from other similar contract condition. If there is no exemption clause to the Russia manufacturer, could we apply the Korean Products Liability Act to Russia one? The most important legal point is whether we could apply the Korean Products Liability Act to the main component company. According by the art. 17 of the contract between KARl and the company, KARl already apply the Products Liability Act to the main component company. For reference, we need to examine the Appalachian Insurance co. v. McDonnell Douglas case, this case is that long distance electricity communication satellite of Western Union Telegraph company possessions fails on track entry. In Western Union's insurance company supplied to Western Union with insurance of $ 105 millions, which has the satellite regard as entirely damage. Five insurance companies -Appalachian insurance company, Commonwealth insurance company, Industrial Indemnity, Mutual Marine Office, Northbrook Excess & Surplus insurance company- went to court against McDonnell Douglases, Morton Thiokol and Hitco company to inquire for fault and strict liability of product. By the Appalachian Insurance co. v. McDonnell Douglas case, KARl should waiver the main component's product liability burden. And we could study the possibility of the adapt 'Government Contractor Defense' theory to the main component company.

• Journal of Korean Society of Forest Science
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• v.52 no.1
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• pp.37-49
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• 1981

The purpose of the study is to find out the objective method of valuation on the forest stands through the analysis of logging costs that is positively related to timber production. The two forest (Amgog, Whangryoung), located nereby, but forest type, logging and skidding conditions being slightly different, were slected to carry out the study. The objective timber stumpage value were determined by investigating the appropriate timber production costs and profits of logging operations. The main result obtained in this study are as follows: 1. The rate of logging cost in consisting of timber market price is 13.15% in the area of Amgog logging place and 19.48% in Whangryoung. 2. The rate of the other production cost excluding logging cost is 15.36% in the area of Amgog logging place and 28.85% in Whangryoung. 3. The total rate of timber production cost in consisting of the market price is more than 28.51% in the area of Amgog logging place and 48.33% in Whangryoung, 4. Though the productivity of forest land is affected by the selection of tree species, tending, treatments and effective management of forest land, the more important problem is improvement of logging condition. 5. The rate of production cost in timber price is so high that we should endeavore to improve the productivity of labour and its quality, and minimize the difference of piece work per day in accordance to the various site condition. 6. Although the profit of forest industry is related to the period of recapturing investment, it is more closely related to the working condition, risk of investment and continuous change of social investment interest. 7. If the right variables which are related to the timber market, are objectively obtained, the stumpage value of mature forests can be objectively caculated by applying straight line discounting method or compound discounting method in caculating the stump to market price.