• Proceedings of KOSOMES biannual meeting
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• 2006.11a
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• pp.47-51
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• 2006

The variation of marine accidents and ship's insurances is to be the measurement of assessment concerned effect of importing ISM Code because each kind of ship accident's expenses and compensation for the loss have an effect on the ship's insurance and P&I insurance. Therefore in this study, we had grasped the accomplishment of importing ISM Code, using analysis of the variation of marine accidents and ship's insurances in domestic shipping companies from one year ago to 8 years after importing ISM Code. As the result of analysis, compared with the period of a year before carrying out ISM Code, marine accidents were showed a decrease of about 14.4% at 8th year of importing ISM Code. Also, the insurance had tended downward every year.

• Proceedings of the Korean Society of Marine Engineers Conference
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• 2005.11a
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• pp.106-107
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• 2005

Small vessels of less then 20 tonnage and leisure boats such as motor boats, sailing yachts, water motorcycle, etc have been excluded from the rules and regulations such as Marine Leisure Safety Act, Ship Act and Ship Safety Act for a long time in Korea. As a result, these small vessels and leisure boats have remained within the blind area of maritime safety and environment protection. Among these vessels and boats, some leisure boats such as motor boats of 20 horse power or more(excluding motor boats equipped with engine inside the vehicles), water motorcycles and rubber boats of 30 horse power or more are incorporated into the Marine Leisure Safety Act through the registry, safety inspection, insurance early 2005 in Korea. In relation to the scope of application of the national Acts concerned, I consider the conflicts between Acts and suggest the subordinate enforcement ordinance and regulations.

• International Commerce and Information Review
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• v.11 no.2
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• pp.27-47
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• 2009

This study aims to present definite directions on practical insurance business and letter of credits through an analysis centering on each section of Article 28 of UCP600. Accordingly, we sought adefinite understanding of regulations on insurance documents and present things to be improved. And we speculate the issues on insurance documents focusing on excessive involvement of insurance in banking according to the convention of insurance business, each mortgage having liability according to contract based on the regulations on acceptance of collective insurance documents, problems in acceptance of expiry date recorded in insurance documents and alternatives. This study focuses on activation of insurance documents as contract documents of marine insurance, aiming to present interpretational base in a practical view rather than technological directions.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.34
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• pp.77-108
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• 2007

The traditional name given to the insurance of third party liabilities and certain contractual liabilities which arise in connection with the operation of ships is protection and indemnity(P & I) insurance. P & I insurance is very different from traditional hull and machinery insurance in that shipowners' hull and machinery insurance is designed primarily to protect the assured against losses to his vessel, whereas P & I insurance seeks to indemnify an shipowner in respect of the discharge of legal liabilities he has incurred in operating his own vessels. This study is to examine the background of establishment of British P & I clubs md, therefore, the identity of P & I insurance. The present British P & I clubs are the remote descendants of the many small and local hull mutual insurance clubs that were formed by British shipowners in the end of 18th century. At that time, British shipowners were dissatified with the state of marine insurance market and, therefore, established clubs together in mutual hull insurance clubs. After the removal of the company monopoly in 1824, greater competition had a good effect on the rates, terms of cover and service offered by the commercial marine insurance market and by Lloyd's underwriters, and the hull clubs became less necessary and went into decline. The burden of British shipowners on liabilities to third parties was steadily increased after the middle of the 19th century, but the amount insured under hull policy was limited in the insured value of the ship. Eventually, the first protection club, that is, the Shipowners' Mutual Protection Society was formed in 1855. It was designed to like past mutual hull clubs, but to cover liabilities for loss of life and personal injury and also the collision risks excluded from the current marine policies, particularly the excess above the limits in hull policies. In 1870, the risks of liability for loss of or damage to cargo carried on board the insured ship was first awarded by the British shipowners. After 1874, many protection clubs formed indemnity club to cover the risk of liability for loss or damage to cargo. As mentioned above, British P & I clubs have been steadily changed according to the response of shipowners under the rapidly changing law of British shipowners' liability, and so on in the future.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.14
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• pp.103-152
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• 2000

English contract law has traditionally taken the view that it is not the duty of the parties to a contract to give information voluntarily to each other. In English law, one of the principal distinctions between insurance contract law and general contract law is the existence of the doctrine of utmost good faith in insurance law. The doctrine gives rise to a variety of duties, some of which apply before formation of the contract while others apply post-formation. This article is, therefore, designed to analyse the overall structure and problems of the doctrine of utmost good faith in English marine insurance law. The results of analysis are as following : First, the requirement of utmost good faith in marine insurance law arises from the fact that many of the relevant circumstances are within the exclusive knowledge of the assured and it is impossible for the insurer to obtain the facts to make a appropriate calculation of the risk that he is asked to assume without this information. Secondly, the duty of utmost good faith provided in MIA 1906, s. 17 has the nature as a bilateral or reciprocal, overriding and absolute duty. Thirdly, the Court of Appeal in Skandia held that breach of the pre-formation duty of utmost good faith did not sound in damages since the duty did not arise out of an implied contractual term and the breach did not constitute a tort. Instead, the Court of Appeal held that the duty was an extra-contractual duty imposed by law in the form of a contingent condition precedent to the enforceability of the contract. Fourthly, the scope of the duty of utmost good faith is closely related to the test of materiality and the assured is required to disclose only material circumstances subject to MIA 1906, s. 18(1) and 20(1). The test of materiality, which had caused a great deal of debate in English courts over 30 years, was finally settled by the House of Lords in Pan Atlantic and the House of Lords rejected the 'decisive influence' test and the 'increased risk' test, and the decision of the House of Lords is thought to accept the 'mere influence' test in subsequent case by the Court of Appeal. Fifthly, the insurer is, in order to avoid contract, required to provide proof that he is induced to enter into the contract by reason of the non-disclosure or misrepresentation of the assured. Sixthly, the duty of utmost good faith is, in principle, terminated before contract is concluded, but it is undoubtful that the provision under MIA 1906, s. 17 is wide enough to include the post-formation duty. The post-formation duty is, however, based upon the terms of marine insurance contract, and the duty lies entirely outside s. 17. Finally, MIA 1906, s. 17 provides expressly for the remedy of avoidance of the contract for breach of the duty. This means rescission or retrospective avoidance of the entire contract, and the remedy is based upon a fairly crude 'all-or-nothing' approach. What is needed in English marine insurance law is to introduce a more sophiscated or proportionate remedy.

• Journal of Fisheries and Marine Sciences Education
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• v.26 no.5
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• pp.1044-1057
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• 2014

This study has seen about a indemnity system of fishery damage by natural disasters such as a problem and improvement methods of government aid system and system on accident insurance for cultured fishery products. Recently, in the situation that the demage of aquaculture industry caused by frequent typhoon resulted from global warming and abnormal changed of weather is nasty, the accident insurance for cultured fishery products is necessary to show its true quality and to protect fishers against natural disasters owing to the limitation of government's aid for them. However, The objects of accident insurance for cultured fishery products which is progress on, is too short to apply, so that it is absolutely insufficient to fulfill the demands of culturing fishermen. Therefore, It could be a certain preparation to magnify the range of object items of it and to convert the trial industry being adjusted to limited area into full scale industry to adjust over all nationally. Furthermore, This insurance is complicated and strict to join rather than other insurances. As it can be seen by examples that got in trouble, despite culturing fishermen applied to join the insurance, they took all demage because the insurance was not realized. So, It is hard to say that causes impute the responsibility of it to the authority of insurance, not culturing fishery. They should simplify the registration process, limit the period each registration process and consider a countermeasure to complete it. Concerning compensation for the loss, agriculture part is easier to investigate the loss due to remained dead crop damaged by natural disaster, meanwhile, in fishing part, especially in case of cultivation of fish, it is difficult to investigate the loss and demage because crops are blown all together with typhoon when it comes plus the facilities of them are also very old. Consequently to solve the problem needs more positive attitude as it is policy insurance.

• Ocean and Polar Research
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• v.45 no.1
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• pp.11-22
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• 2023

For the commercial development of deep-sea mineral resources, the International Seabed Authority is engaged in wide ranging discussions to establish the Regulations on Exploitation. The core issue of the Regulations on Exploitation is how to protect the marine environment along with the royalty system that distributes the profits from such development. The United Nations Convention on the Law of the Sea stipulates the protection of the marine environment in Part 12 (Articles 192-237) for the preservation of the marine environment, and in the 1994 Implementation Agreement, the protection of the marine environment at the stage of application for approval of the plan of work together with the Regulations on Exploration for the protection of the marine environment. For this purpose, certain obligations are imposed on the applicants. In the Regulations on Exploitation, financial systems such as environmental performance guarantee, insurance, and environmental compensation funds, which were not found in the Regulations on Exploration, are added to further specify the measures for marine environment protection generally stipulated in the 1982 Law of the Convention or 1994 Implementation Agreement. Regarding the financial system for marine environment protection, the Marine Environmental Protection and Conservation Informal Working Group meeting is revising the purpose of the environmental compensation fund. Among these financial system elements, it is judged that there is a possibility that the environmental performance guarantee and insurance may overlap considerably, and it is also thought that the establishment of the environmental compensation fund can also provide a substantial sum of money that will meet the purpose of the compensation fund in terms of securing its financial resources. In this paper, the question is posed as to whether or not this can be accomplished. In this respect, this paper examines the environmental performance guarantee, insurance, and environmental compensation fund, which are necessary for the protection of the marine environment of the deep seabed, but which can impose appropriate obligations on contractors for the commercial development of deep seabed mineral resources. At the same time as figuring out how it is operated in relation to relevant domestic laws, I would like to propose a plan to reflect the implications derived from the domestic law operation process in the Regulations on Exploitation.

• Journal of the Korean Society of Marine Environment & Safety
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• v.16 no.1
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• pp.65-69
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• 2010

The variations of marine accidents and ship's insurences are measures for assessing the effects of ISM Code implementation, bemuse expenses for the treatment of ship accidents and compensations for the loss have an effect on the ship's insurence. In order to understand the results and accmplishements of ISM Code implementation in Korea, the rise and the fall of marine accidents and ship's insurences were analyzed and examined in domestic shipping companies from one year before implementation to eight years after implementation of ISM Code. As the result of analysis, compared with the period of a year before implementation of ISM Code, the decrease of about 14.4% in marine accidents was shown in the 8th year after ISM Code implementation in Korea, and ship's insurance rates tended to decrease from year to year.

• The Journal of Fisheries Business Administration
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• v.50 no.1
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• pp.1-15
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• 2019

Offshore trap fishery managers have payed in advance to attract excellent fishing crew in the minium grantee lay system. This practice can intensify competition among fishery management bodies and increase the burden of fishery manager about income tax and four social insurance programs. The purpose of this study is to identify the problems of advance payment practice in terms of fishery manager in offshore trap fishery. The main results of this study are as follows. First, under the TYPE 1 model, which is the current wage payment manner, there is a risk that fishery manager will not able to return the prepayment paid in advance when the income of fishery management bodies decrease. Second, the TYPE 2 or the TYPE 3 model which reduces or abolishes advance payment can alleviate the burden of fishery manager relative to the deduction of redemption amount, incentive to induce artificial expenses, income tax and four social insurance programs. In conclusion, advance payment practice in offshore trap fishery is placing a heavy burden on the fishery manager. In order to solve these problems in the future, we need to find solutions through similar case studies.

• The Journal of Information Technology
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• v.8 no.2
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• pp.27-42
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• 2005

The S.G. Policy form contains the words "the good ship or vessel called the.....". The words "good ship" mean that the ship is deemed to be seaworthy at the commencement of the voyage and this was very necessary in the day when a separate policy was issued for each voyage. In fact the warranty do seaworthiness still applies to all voyage policies. Nevertheless, the law does not apply an absolute warranty of seaworthiness to a time policy, so a ship is not required to be seaworthy at the time the hull policy is effected. The implied warranty of seaworthiness does not extend to good, for the underwriter is not responsible for their condition, apart fro the action of the perils insured against. The implied warranty of seaworthiness is limited to the vessel herself, and does not extend to a lighter or other craft used to convey the goods to the ship. The underwriters waive any breach of the implied warranties of the seaworthiness of the ship and fitness of the ship to carry the subject-matter insured to destination, unless the assured or their servants are privy to such unseaworthiness of unfitness.