• Proceedings of the Korean Society of Marine Engineers Conference
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• 2006.06a
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• pp.133-134
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• 2006

Recently, despite of the effects of international Coordination and cooperation to prevent piracy, piracy is on an increasing trend every year. Such circumstances may have a bad effect on the sound development of world economy by means of trade in sea as well as treat to the safety of crews and safe operation of ships. Finally, Modern maritime piracy has become one of the major threats to safety at sea. We having Cargo-owners or Ship-owners attacked by piracy, it causes enormous economic losses. Therefore, Ship-owners and Cargo-owners insure Cargo Insurance, Hull Insurance and P&I Insurance to indemnity of losses which is caused by piracy. The Purpose of this paper was to explain the losses caused by piracy and studying the limits of the possibility of indemnity in the Cargo Insurance, Hull Insurance and P&I Insurance.

• Korea Trade Review
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• v.44 no.2
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• pp.83-94
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• 2019

Article 17 of the Marine Insurance Act (MIA) states that "A contract of marine insurance is a contract based upon the utmost good faith, and if the utmost good faith be not observed by either party, the contract may be avoided by the other party." In the Carter v. Boehm case, Lord Mansfield was the first to provide a comprehensive description of the duty of utmost good faith, which is analyzed here. This judgement not only laid the foundation for the Modern English Insurance Act, but it also influenced the draft of the English Insurance Act of 2015, which aimed at correcting distortions that occurred during the application of statue law and common law thereafter. The duty of utmost good faith, applied between Lord Mansfield's insured and insurer presents the context of information asymmetry of the insured and insurer entering contracts. In the absence of information asymmetry, in contrast to the effects of being in both sides of the duty of utmost good faith, alleviating the duty of disclosure of the insured, and it is also clear that the warning of the severity of the retrospective avoidance of the breach of duty of disclosure and the need for its limited application have already been pointed out. Furthermore, considering the principle of retrospective avoidance, the duty of utmost good faith should be understood as a concept limited to the duty of disclosure before a contract is concluded

• Proceedings of KOSOMES biannual meeting
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• 2018.06a
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• pp.102-103
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• 2018

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.15
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• pp.119-136
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• 2001

The purpose of this paper is to consider how to decide the cause of loss or damage to the transport goods when maritime accident occurs. In marine insurance, the underwriter is liable for any loss or damage proximately caused by a risk insured(MIA Art.55). So it is very important to determine the proximate cause of loss or damage to ascertain whether it is to be recoverable under the policy. But there is no definite conception or rule what is the proximate cause. It was left to the tribunal as a question of fact. In this paper, I will suggest the general rules to determine the proximate cause of loss or damage of the transport goods in marine insurance. First, in MIA 1906, there is the rule of proximate causation and it has been established the effective causation by cases since 1918. Second, in Institute Cargo Clauses(B) & (C), there are rules of considerably relaxed standards to determine the causation of loss of or damage using the "attributable to" and "caused by" basis. Third, it is noted, under the complex causation situation, there are difference basises to decide the liability of underwriters between the case of successive occurrence of single risk and the case of concurrent occurrence of several risks. Forth, in practice, it couldn't be ascertained the underwrier's liability by a definite rule and it should be fully considered the circumstances and conditions of the loss.

• Journal of the Korea Safety Management & Science
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• v.16 no.3
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• pp.307-316
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• 2014

In view of the increased threat arising terrorism, the International Maritime Organization(IMO) adopted the International Ship and Port Facility Security Code (ISPS Code) which attached to the SOLAS Convention. The ISPS Code requires a comprehensive set of measures to enhance the security of ships and port facilities. For example, a shipowner must obtain the International Ship Security Certificate(ISSC). If the carrying vessel has not ISSC, the ship may be detained by the contracting governments. The Joint Cargo Committee(JCC) in London adopted the Cargo ISPS Endorsement, in which the assured who knowingly ships the cargoes on a non-ISPS Code compliant vessel will have no cover. However, where there is no the Cargo ISPS Endorsement in a Marine Cargo Insurance Policy and the cargo is carried by a non-ISPS Code certified vessel, the legal problem is whether or not it would constitute a breach of an implied warranty of seaworthiness and/or an implied warranty of legality. The purpose of this article is to analyze the potential legal issue on the relations between non-ISPS Code compliant vessel and two implied warranties under Marine Insurance Act(1906) in U.K.

• The Journal of Fisheries Business Administration
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• v.43 no.1
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• pp.63-74
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• 2012

The Korean Conflict of Laws Act recently incorporated much of the European Union's recent revision in "EC Convention on the Law Applicable to Contractual Obligations (Rome 1980)"(hereinafter Rome Convention). With the revision of Rome Convention applied to contractual obligations,"Regulation (EC) No 593/2008 of the European Parliament and of the Council of 17 June 2008 on the law applicable to contractual obligations (Rome I)"(hereinafter Rome I) has taken effect on December 2009. Before the effectivation of Rome I, "Regulation (EC) No 864/2007 of the European Parliament and of the Council of 11 July 2007 on the law applicable to non-contractual obligations (Rome II)"(hereinafter Rome II) has come into effect on January 2009. This means the revision of certain rules and its practical implications need an in-depth study on governing law rules under Rome I which provides newly effected governing laws applicable to contractual obligations. Moreover, uniform choice of law rules on non-contractual obligations needs to focus especially on marine insurance contract. Where policy assignment and subrogation causes, how to decide the governing law which will be applied to the insurer as a third party? This article attempts to analyze emerging legal issues in legal regimes determining choice of law, especially those in international marine insurance contracts. This will help Korean practitioners to be dialed in legal affairs under English Law as the governing law in their contracts.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.50
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• pp.139-161
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• 2011

The retroactive insurance is the system that the Assured, the principal of insurance contract shall be entitled to recover for insured(beneficiary in insurance of persons) loss during the period of insurance covered by this insurance, not withstanding that the loss had occurred before the contract of insurance concluded. The retroactive insurance is applicable to both property insurance and insurance of persons. The commercial law of Korea stipulates its rules in the insurance volume. The ultimate and definite articles of cargo insurance about the retroactive insurance are stipulated in MIA and ICC. In general insurance of persons stipulates relevant articles in the clause. Even though articles pertinent to the retroactive insurance are written explicitly in relevant law, it is difficult to settle the claim just by using specified rules of related regulations. Therefore, a claim is settled down based on the actual facts. After studying some of the actual dispute facts connected with the retroactive insurance having properties mentioned, this paper suggests controversial points and alternative ideas.

• International Commerce and Information Review
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• v.11 no.1
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• pp.309-331
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• 2009

In 25th April. 2008, the Korea legislature gave advance notice on the Revision Bill of Commercial Law in Insurance Division in partial, one of which is the principle of utmost good faith to be codified in accordance with the effectuation of the Revision Bill enforcement. For this, even though the disclosure duty is not included in the Revision Bill, it should also be discussed in relation to the principle of utmost good faith because it is based upon the principle of utmost good faith and forms a part of utmost good faith. In Marine Insurance industry in Korea, there are the sections and the clauses in relation to the English governing law included in the Policies and the Clauses used in Korea and, also, they still come into effect for the Korea Courts' judgements. So. we, Korea, should carefully pay attention to the trend of English courts' leading case, academic world and insurance industry on the disclosure duty in U.K. This study is thus based upon sections 17 and 18~20 of the Marine Insurance Act 1906 and sections 651, 652 and 655 of Commercial Law in Insurance Division, which appear throughout this work. The objective of this work is to analyse the duty of disclosure on Korean and English Insurance Laws including cases cited in this work, comparing the differences resulted from the analysis of the two countries‘laws and legal cases.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.71
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• pp.171-194
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• 2016

In the UK, the legal principle for the duty of disclosure established in Carter v Boehm case was codified in the Marine Insurance Act 1906("MIA"). The duty of disclosure under the MIA is the pre-contractual duty by the insured and therefore, the insured should disclose the every material circumstance that would influence a prudent insurer's judgement. If the insured violates the duty of disclosure, the insurer is entitled to avoid the insurance contract, regardless of whether there was the deliberate or reckless breach, which is unfavorable to the insured. The Law Commission reviewed the duty of disclosure under the MIA in detail and provided the Insurance Act 2015 for the purpose of enhancing the interests of the insured. The Insurance Act 2015("Act"),while the basic legal structure of the duty of disclosure under the MIA still remains, amends it in respect of non-consumer insurance and furthermore, integrate the duty of disclosure and the duty not to misrepresent into the duty of fair presentation of risk. And according to the Act, the insurer is required to more actively communicate with the insured before entering the contract with the result that, if the insured fails to disclose the material circumstance but provides the sufficient information to put the insurer on notice, the insurer should further inquire for the purpose of the insured's revealing the material circumstance. In addition, the Act details the insured's constructive knowledge of 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.

• Journal of Korea Port Economic Association
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• v.20 no.2
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• pp.235-251
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• 2004

China's Marine Industry are growing up gradually as China's economy has advanced. Also China's Sipping Industry has been advanced. China Sipping Company is going to become a top 5 of world marine industry. China's Marine Industry has supervised and controled a manager under the mechanism of market economy. China's Marine Industry has been changed from the state-owned marine enterprise affected by government and government has effected on the formation of the board of directors and manager. So, the supervision function of the board of directors was reduced. The executive' role is emphasized when possessing the state-owned enterprise through disposal or auction, or when inducing the participation of foreign attraction. It is desirable for the Chinese director and officer to prepare for the claims internationally due to the international economic actions, , westernization of the public's consciousness about the compensation for damage followed by the increasing national income, and to prepare the increasing demand of cases due to increasing lawyers.