Pusan Pacific Law Office¡¯s expertise in marine insurance theory and practice is well known
throughout the marine insurance industry. Pusan Pacific is the leading firm in Korea for
handling all manner of marine insurance disputes.
When dealing with marine accidents for marine insurers and others, it is necessary to have extensive experience and technical understanding of vessels and cargo. The lengthy practical experience with maritime matters and marine insurance ensures that clients receive top-quality legal services.
The firm has experience in dealing with virtually all manner of marine insurance issues. Pusan Pacific was involved in the earliest Korean cases involving guarantees, failure of duty to notify, subrogation, etc. Although many other firms will deal exclusively with insurers and recourse claims, Pusan Pacific represents, insurers, assured parties, reinsures, and all types of companies involved with marine insurance.
Pusan Pacific has worked on both sides of legal disputes with virtually all of the Korean marine insurers. Many of the firm¡¯s clients have come to the firm after being on the opposite side of legal disputes and seeing the expertise of the firm in action.
Areas of Expertise
Representative Work
Areas of Expertise
- General Marine Insurance Insurable property Insurable Interest Insurable Value Utmost Good Faith Non-disclosure Misrepresentation Warranty Perils Exclusion clause Deviation War, Strikes and Terrorism Partial and Total loss Abandonment GA & PA Salvage Particular charge Subrogation
- Vessel Insurance Breach of Warranty Sue and Labour Due Diligence TLO & FPL Special Conditions 3/4 Collision Liability Institute War and Strike Clause ITC & Hulls IVC & Hulls Scuttling and fraud
- Cargo Insurance Risks Clause GA Clause Exclusions Warranty On Deck Clause Package Limitation Sanction Clause Transit Clause Held Covered Governing Clause Important Clause Duty of Assured Clause Waiver Clause Reasonable Despatch Clause Special Clause ICC (All Risks) (WA) (FPA) ICC (A), (B), (D)
Representative Work
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¡°TY Orchid¡± collision with sunken vessel and subsequent sinking
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Fishing boat ¡°Rooney¡± sinking in the Sea of Okhotsk
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Capture of ¡°Mavuno No. 1¡± and ¡°Mavuno NO. 2¡± by pirates in Somalia
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¡°SK 7¡± sinking of cargo carrier
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¡°Daejin 2¡± damage to sand dredger¡¯s sand hose
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¡°Faith¡± sinking of cargo carrier in the Sea of Okhotsk
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Capsizing of sand compaction barge in Ulsan, Korea
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¡°Chungnam 7¡± sand dredger¡¯s loss of sand pump and hull damage
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¡°Ricsun¡± loss of propeller
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¡°Milne Bay Pearl¡± passenger vessel sinking off Yeosu, Korea
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¡°Ocean Pearl¡± sinking
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¡°Eastwind 1¡± Damage from tug and tow
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¡°No. 1 Insung¡± sinking
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Samyang Innotec off spec fenol (USD 4 million)
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Keumho Chemical off spec styrene monomer (USD 6 million)
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Salt water damage to raw sugar (USD 1 million)
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Damage to construction equipment for Saudi plant (USD 1.2 million)
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Damage to artwork at Kwangju Biennale (USD 1.3 million)
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Damage to Posco A&C modular system architecture for workers in Australia (USD 1.9 million)
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Damage to Posco E&C pay off rell (USD 1.6 million)
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Damage to wind power turbine blade imported by STX Heavy Industries (USD 1 million)
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Imported raw sugar shortage claim (USD 2.5 million)
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Damage to liquid dielectrice transformer (USD 1.3 million)
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Damage to Sanken Electric¡¯s back light lamp line
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Samsung SDI panel damage
11th Floor, 99, Centum dong-ro, Haeundae-gu, Busan, Korea Tel : +82 51 244 9697 / Fax : +82 51 244 4484 / E - mail : mail@pusanlaw.com Copyright (c) 2014 Pusan Pacific Law Office. All Rights reserved.