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South Korea: Court rules in favor of insurer in ship sinking case

May 2, 2014 - 6:00am


A Seoul court said insurers do not have to pay for ships that sink because of alterations in the structure of the vessel, The Korea Herald reported.

The Seoul Central District Court ruled that Dongbu Insurance Co. need not pay for vessel Seokjung 36, which sank off Ulsan in 2012. Judge Oh Young-joon said "the large-scale alteration of the ship affected the ship's sinking." Meanwhile, MV Sewol, which sank in waters off Jindo Island on April16, is insured for 11.3 billion South Korean won ($11 million), reports Yonhap.

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