If the insurable value has been determined by the parties, it shall be presumed to have been determined as the value of the insured property at the time of occurrence of a peril insured against: Provided, That if the insurable value substantially exceeds the value of the insured property at the time of occurrence of a peril insured against, the latter shall be the insurable value.
Laws › Commercial Act › SECTION 1 Common Provisions
Commercial Act — Article 670 (Valued Policy)
상법 제670조
This English translation is based on the Korean text effective 2018-12-19. The Korean law has since been amended (current version effective 2026-09-10) — check the Korean original.
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