A Study on the Implementation of Due Diligence and Its Effect - Focussing on the Marine Hull Insurance -

Lee, Sang-Wook; Nam, Young-Eun; Park, Sang-Gap

Journal of Navigation and Port Research 2002;26(4):399-406.
Published online October 31, 2002.

상당주의의무의 이행과 그 효과에 관한 연구

이상욱, 남영은, 박상갑

A Study on the Implementation of Due Diligence and Its Effect - Focussing on the Marine Hull Insurance -

Sang-Wook Lee, Young-Eun Nam, Sang-Gap Park

Abstract

There may be some cases in which underwriters refuse to paY claims to the assured in case of his want cf due diligence ana actually, a lot of cases which an assured could not have been covered, existed through the history of marine hull insurance claims. Statistically, looking back the past marine accident cases in korea, the most parts of the most parts the accident are man-made disasters caused by want of due diligence. So, this study will focuss on this kind of marine losses and insurance clauses and other relevant rules containing due diligence such as due diligence of the assured in inchmaree clause, ITC-Hulls(1983), and due diligence of carrier in Hague-Visby Rule and so on This study also shows what the disadvantages to marine enterprisers are, caused by want of due diligence and the advantages of doing due diligence are. In conclusion, this study contends that marine enterprisers should perform due diligence in doing their business for both financial stability and good management of their companies.

Key Words: marine hull insurance;due diligence;lnchmaree clause