Limitation of Liability for Maritime Claims
Korea has not ratified either the 1976 Limitation Convention or Hague-Visby Rules. However, with effect from 1 January 1993, Korea has incorporated the basic principles and main parts of those international conventions into its domestic law, the Korean Commercial Code (“KCC”) and the Act on Procedure for Limitation of Shipowners’ Liability (“Limitation Procedure Act”). However, the KCC and Limitation Procedure Act are not exactly the same as the 1976 Limitation Convention and Hague-Visby Rules in some respects. Nevertheless, the Korean courts have shown their willingness to interpret the KCC and Limitation Procedure Act in harmony with the 1976 Limitation Convention and Hague-Visby Rules.