If the insurable value has been partially insured, an insurer shall be liable for compensation based on the proportion of the amount insured to the insurable value: Provided, That if the parties agreed otherwise, the insurer shall be liable to compensate for such losses within the limit of the amount insured. <Amended by Act No. 4470, Dec. 31, 1991>
Laws › Commercial Act › SECTION 1 Common Provisions
Commercial Act — Article 674 (Partial Insurance)
상법 제674조
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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