Laws › Commercial Act › SECTION 4 Marine Insurance

Commercial Act — Article 696 (Insurable Value and Subject Matter of Ship Insurance)

상법 제696조

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.

(1) In cases of a ship insurance, the insurable value shall be the value of a ship at the time of commencement of the liability of an insurer.

(2) In cases falling under paragraph (1), a ship's outfit, fuel, food, and all other things necessary for the navigation of the ship shall be deemed to be included in the subject matter insured. <Amended by Act No. 4470, Dec. 31, 1991>

Korean original (law.go.kr) · Get articles as JSON via API

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