• Title/Summary/Keyword: Marine Insurance

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Meta Analysis of Trade Insurance Using Text Mining (텍스트 마이닝을 활용한 무역보험분야의 메타분석)

  • Hyun-Hee Park;Sung-Je Cho
    • Korea Trade Review
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    • v.45 no.6
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    • pp.157-179
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    • 2020
  • This study presented the results of meta-analysis through topic modeling among the papers published in the Journal of the International Trade Association for the purpose of presenting academic research trends in the field of trade insurance and future research directions. Among the total 2,010 papers included in the Journal of the Korea International Trade Association, the analyzed paper covers the subject of trade-related insurance. According to detailed topics, 33 marine insurance (42.31%), 16 export insurance (20.51%), 11 hull insurance (14.10%), and 18 others (23.08%), and 4 other products liability insurance. According to the empirical analysis results, Topic 1 was classified as marine insurance, airworthiness, notice obligation, and collateral, and Topic 2 was derived as a representative topic for loading insurance, emergency risk, and immunity as export insurance. And Topic 3 was classified as vessel, sinking and container in relation to ship insurance, and Topic 4 was analyzed as an important topic such as manufacture and British marine insurance. Through the analysis results, we selected the representative topic used for the trade insurance topic and looked at the status of major research. Trade insurance is an area that requires the development of more theoretical and practical research subjects as an optimal risk management means in international trade transactions. To this end, first, support from the Korea International Trade Association is needed to establish a continuous research subject sharing system for the development of research subjects in the field of trade insurance. Second, academic journal operation management must be continuously managed in which academic research papers can be submitted and published.

A Study on Unseaworthiness and Exclusive Right of Insurer on It (감항 능력 부족과 보험자의 면책 특권에 관한 해석론적 고찰)

  • Park, Yong-Sub
    • Journal of Fisheries and Marine Sciences Education
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    • v.6 no.1
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    • pp.45-57
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    • 1994
  • One of the fundamental duty of the assured in a marine insurance contract is maintaining seaworthiness of the ship insured. Since duty of the seaworthiness of ship is a shipowners implied warranty in the marine insurance, the breach of the duty of seaworthiness by assured is recognized as immunity for the underwriter. This is a measure to protect the underwriter through prevention of unexpected casualties which may be occurred from the unseaworthiness. In the Korean Marine Insurance Act the legal character of the assured's duty of seaworthiness is not clear whether it is a legal duty or contracted one. Accordingly, in this paper the author pointed out that the duty of seaworthiness of the ship should be interpreted according to the English Law. As a conclusion, the hull insurance does not require even implied warranty concerning seaworthiness, since it is recognized as one of implied fundamental warranty of the English Marine Insurance Act. Especially, this issue pointed out is very meaningful and advisable under the consideration of the existing conditions of the marine insurance regime for the distant-water fishing vessels and the catch carriers in Korea.

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A Study on the Rule of Warranty in the English Law of Marine Insurance (영국 해상보험법상 담보(warranty)에 관한 연구)

  • Shin, Gun-Hoon
    • THE INTERNATIONAL COMMERCE & LAW REVIEW
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    • v.42
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    • pp.275-305
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    • 2009
  • Marine insurance contracts, which intended to provide indemnity against marine risks upon the payment of price, known as a premium, originated in Northern Italy in the late 12th and early 13th centuries. The law and practice were later introduced into England through the Continent. It is, therefore, quite exact that English and European marine insurance law have common roots. Nevertheless, significant divergences between English and European insurance systems occurred since the late 17th century, mainly due to different approaches adopted by English courts. The rule of warranty in English marine insurance was developed and clarified in the second part of the 18th century by Lord Mansfield, who laid the foundations of the modern English law of marine insurance, and developed different approaches, especially in the field of warranty in marine insurance law. Since the age of Lord Mansfield, English marine insurance law has a unique rule on warranty. This article is, therefore, designed to analyse the overall rule of the rule of warranty in English marine insurance law. The result of analysis are as following. First, warranties are incorporated to serve a very significant function in the law of insurance, that is, confining or determining the scope of the cover agreed by the insurer. From the insurer's point of view, such the function of warranties is crucial, because his liability, agreed on the contract of insurance, largely depend on in, and the warranties, incorporated in the contract play an essential role in assessing the risk. If the warranty is breached, the risk initially agreed is altered and that serves the reason why the insurer is allowed to discharge automatically further liability from the date of breach. Secondly, the term 'warranty' is used to describe a term of the contract in general and insurance contract law, but the breach of which affords different remedies between general contract law and insurance contract law. Thirdly, a express warranty may be in any form of words from which the intention to warrant is to be inferred. An express warranty must be included in, or written upon, the policy, or must be contained in some document incorporated by reference into the policy. It does not matter how this is done. Fourthly, a warranty is a condition precedent to the insurer's liability on the contract, and, therefore, once broken, the insurer automatically ceases to be liable. If the breach pre-dates the attachment of risk, the insurer will never put on risk, whereas if the breach occurs after inception of risk, the insurer remains liable for any losses within the scope of the policy, but has no liability for any subsequent losses. Finally, the requirements on the warranty must be determined in according to the rule of strict construction. As results, it is irrelevant: the reason that a certain warranty is introduced into the contract, whether the warranty is material to the insurer's decision to accept the contract, whether or not the warranty is irrelevant to the risk or a loss, the extent of compliance, that is, whether the requirements on the warranty is complied exactly or substantially, the unreasonableness or hardship of the rule of strict construction, and whether a breach of warranty has been remedied, and the warranty complied with, before loss.

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Insurance-Growth Nexus: Aggregation and Disaggregation

  • ZULFIQAR, Umera;MOHY-UL-DIN, Sajid;ABU-RUMMAN, Ayman;AL-SHRAAH, Ata E.M.;AHMED, Israr
    • The Journal of Asian Finance, Economics and Business
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    • v.7 no.12
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    • pp.665-675
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    • 2020
  • The aim of this article is to investigate the relationship between insurance and economic growth at aggregate and disaggregate level for the period 1982-2018. Very few studies have been carried out in this field, with contradictory results and using an aggregate data while, according to different authors, an aggregate data might provide spurious results. The author used Ordinary Least Squares Regressions (OLS) and Granger Causality tests to explore the strength and direction of the relationship between insurance and economic growth at an aggregate level. To check the relationship at disaggregate level life insurance, marine insurance, and property insurance are regressed on trade openness and investment, respectively. Non-life insurance at an aggregate level plays a positive and significant role in promoting economic growth, but life insurance has an insignificant impact on the Pakistan economy. On the other hand, non-life insurances at a disaggregated level such as marine insurance negatively affect a vital part of economic growth, i.e., trade. At the same time, property insurance has a significant and positive role in boosting investment. Life, marine, and property insurance Granger cause economic growth, trade, and investment in a single direction. Nevertheless, is a bi-directional relationship between economic growth and non-life insurance.

A Study on the Excluded Risks of the Marine Cargo Insurance (적하보험 면책위험에 관한 연구)

  • Choi, Mi-Soo
    • THE INTERNATIONAL COMMERCE & LAW REVIEW
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    • v.47
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    • pp.319-335
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    • 2010
  • The purpose of this study is to make clean the scope of insurer`s liability through theoretical interpretation and to understand some problems of various excluded risks in law and clauses relating to marine cargo insurance. This study suggest the problems related with the interpretation of the excluded risks in law and clauses. Through continued study on the excluded risks in law and clauses, we should make a system which will satisfy the assured in making the insurance contract.

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The Duty of Disclosure under the doctrine of Utmost Good Faith in Marine Insurance Contract: In connection with the UK Insurance Act in 2015 (해상보험계약에서 최대선의원칙에 따른 고지의무에 관한 연구: 2015년 영국보험법과 관련하여)

  • Kim, Jae-Woo
    • Korea Trade Review
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    • v.44 no.3
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    • pp.137-154
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    • 2019
  • This study analyzes the major provisions of the UK Insurance Act 2015 and Marine Insurance Act 1906 on the duty of disclosure under the doctrine of utmost good faith. Marine insurance contracts are based on "utmost good faith" and one aspect of this is that MIA 1906 imposes a duty on prospective policy holders to disclose all material facts. In the Insurance Act 2015 of the United Kingdom, the contents of the precedent were enacted such that we have borrowed the legal principles of common law until now. The insurer is required to more actively communicate with the insurer rather than passively underwriting and asking questions of the insured. The Act details the insured's constructive knowledge of the material circumstance by reviewing the current case law and introduces a new system for the insurer's proportionate remedy against the insured's breach of the duty of fair presentation of risk. This is a default regime, which may be altered by agreement between the parties.

A Legal Study on Indemnification of Korean Mutual Insurance of Fisheries Cooperatives (수협공제(水協共濟)의 보상제도(補償制度)에 관한 법적(法的) 연구(硏究))

  • Cha, Cheol-Pyo;Park, Yong-Sub
    • Journal of Fisheries and Marine Sciences Education
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    • v.5 no.2
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    • pp.98-109
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    • 1993
  • By the Article 28 of the Korean Fishing Vessels Act and the Article 47-1 of the Enforcement Ordinance of the Act, fishing vessels over 5 gross tone must be insured the fishing vessels mutual insurance or marine insurance. Therefore the distant-water fishing vessels and vessels registered with Classification Society can be insured to the marine insurance, and non-registered vessels and the small fishing vessels can be insured to the fishing vessels mutual insurance of Fisheries Co-operatives. Moreover, the shipowners of fishing vessels over 5 gross tons to be insured a liability insurance for their crew, and it is to compensate effectively the crewman's accidents prescribed in the Seaman's Act. The shipowner's Liability Insurance to be insured the seaman's Compensation Insurance or the seaman's mutual insurance of the Fisheries Co-operatives and the Protection and Indemnity but they still involve lots of problems to cover the crewman's accidents reasonably. The author's views on the improvement way of the fisheries mutual insurance system are as follows. 1. The size of fishing vessels over 5 gross tons prescribed by the Article 28 of the Fishing Vessels Act must be revised into over 1 gross tons. And the regulations concerning penalties against nonfulfilment of the regulation must be strengthened in order to have legal effectiveness. 2. The level of the government subsidy for the fisheries mutual insurance must be raised up from the large point of view for protection of fishermen. It is concluded that the Government have to take charge of the remutual insurance in order to develop the fisheries mutual insurance system. 3. The mutual insurance system of fish catch have to be executed in order to guarantee the stable income for fishermen on the base of the amount of money by fish catch in the previous year.

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A study on the problems about the obligation to notify in marine cargo insurance (해상적하보험에서 통지의무의 문제점에 관한 고찰)

  • Kim, Hee-Kil
    • THE INTERNATIONAL COMMERCE & LAW REVIEW
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    • v.46
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    • pp.211-235
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    • 2010
  • According to the commercial law in Korea, a marine cargo insurance contractor (policyholder, insured person, agent) has the duty to disclose risks before establishing an insurance contract and the obligation to notify changes in risks after before establishing the contract. Marine cargo insurance policy clauses include one about the obligation to notify changes in risks. This clause assumes that an insurance contract should be implemented according to what has been answered to the important questions asked by the insurer in connection with the insurant's duty to disclose before establishing an insurance contract, and it stipulates that, if any change in what has been disclosed should be notified to the insurer since it is regarded as a change in risks. Neglecting the obligation to notify may lead to the termination of the appropriate insurance contract by the insurer. The problems here concern the clauses about changes in risks and about the obligation to notify. The problems are like these. Can it be that the circumstances which might be seen in the past as changes in risks according to the territorial sea laws and institute cargo clauses stipulated long ago are considered as such still today? And a marine cargo insurance policy till valid when changes in risks have not been properly notified by the original discloser of risks to the insured who currently holds the marine cargo insurance policy, which, unlike other insurance policies, is a marketable security? In Korea, the commercial law has a clause the obligation to notify changes in risks established based on the territorial sea laws and institute cargo clauses. In this regard, this study aims to consider if the clause still valid today or not and, if not, to propose alternatives to the clauses.

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A Study on Trends for Reforming the Rule of Insurable Interest in English Insurance Contract Law - Mainly on Indemnity Insurance - (영국 보험법 상 피보험이익에 관한 법원칙의 개혁동향 - 손해보험을 중심으로 -)

  • Shin, Gun Hoon
    • THE INTERNATIONAL COMMERCE & LAW REVIEW
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    • v.61
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    • pp.113-137
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    • 2014
  • For a contract of insurance to be valid, the insured needs to have an insurable interest. This means that someone taking out insurance must stand to gain a benefit from the preservation of the subject matter of the insurance or to suffer a disadvantage should it be lost. Although the principle is simple, the detail is difficult. English Law Commission proposed some changes to provide certainty on the rule of insurable interest in LCCP 201. This article is, therefore, designed to examine the proposals for reforming trends in English insurance contract law. The proposals on Law Commission in summarized as following. First, LC proposed to retain the requirement for insurable interest because it was thought to fulfil four useful functions. Secondly, LC proposes to repeal the Marine Insurance Act 1788 and the Marine Insurance (Gambling Policies) Act 1909 to confirm that the requirement of insurable interest applies to all forms of insurance. Thirdly, LC proposes to retain the provisions on insurable interest in the Marine Insurance Act 1906. Finally, LC proposes to define insurable interest and thinks that full definition of insurable interest should remain flexible.

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A Study on the Recent Trends for Reforming the MIA 1906 and Comments on them - Focusing on the Insurance Act 2015 - (영국해상보험법의 최근 개정동향 및 시사점 - 2015년 영국 Insurance Act를 중심으로 -)

  • JEON, Hae-Dong;SHIN, Gun-Hoon
    • THE INTERNATIONAL COMMERCE & LAW REVIEW
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    • v.69
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    • pp.407-426
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    • 2016
  • The Marine Insurance Act 1906 (MIA 1906) has been a successful piece of legislation, having rarely been amended and having established, or served as an influence in the development of, the basis of marine insurance legislation in several countries. However, it has been recognised that some parts of the MIA 1906 have begun to show their antiquated nature, especially where established principles which were once thought to reflect undoubted propositions of law are now being openly criticised. Since 2006, the Law Commission and Scottish Law Commission (the 'Law Commissions') have been engaged in a major review of insurance contract law, finally leading to the Insurance Act 2015. The Insurance Act 2015 received Royal Assent on 12 February 2015, and was based primarily on the joint recommendations of the Law Commissions. The 2015 Act made substantial changes to several main areas of marine insurance law & practice: (i) the replacement of the pre-contractual duty of disclosure with a duty to make a "fair presentation of the risk"; (ii) the abolition of the "insurance warranty" under the Marine Insurance Act 1906, s.33, and provision of a new default remedy of suspension of liability until the breach is cured; (iii) partial codification of the fraudulent claims rule in insurance contract law, etc. The Act did not provide for any new statutory duty for insurers to investigate or pay claims in a timely fashion, although this may be revisited in the next Parliament. Moreover, the Law Commissions have reopened their consideration of the doctrine of insurable interest. The 2015Actmay not then signal the end of the legislative programme in this area.

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