Any insurer shall be bound to compensate for salvage charges incurred by the insured in preventing any loss caused by perils insured against: Provided, That if the salvage contribution of the subject matter insured exceeds the insurable value, the amount of the surplus contribution shall not be compensated.[This Article Newly Inserted by Act No. 4470, Dec. 31, 1991]
Laws › Commercial Act › SECTION 4 Marine Insurance
Commercial Act — Article 694-2 (Compensation for Salvage Charge)
상법 제694조의2
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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