Korean Law in English
Laws › Commercial Act › SECTION 5 Liability Insurance

Commercial Act — Article 722 (Duty of the Insured to Notify a Claim for Compensation Filed)

상법 제722조

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) When the insured has received a claim for compensation from a third party, he/she shall give a notification of such fact to the insurer, without delay.

(2) Where the loss has increased due to failure to be diligent in giving a notification under paragraph (1), the insurer is not liable to compensate for the increase in the loss: Provided, That the foregoing shall not apply where the insured has sent a notification under Article 657 (1).[This Article Wholly Amended by Act No. 12397, Mar. 11, 2014]

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