Commercial Act — Article 703-2 (Legal Effects of Transfer, etc. of Ships)

Where a ship is insured, if any of the following events occurs, an insurance contract shall be terminated: Provided, That this shall not apply if otherwise agreed:

1. Where the ship is transferred;

2. Where the classification of the ship is changed;

3. Where the ship is commandeered by new management.[This Article Newly Inserted by Act No. 4470, Dec. 31, 1991]