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4 ILSA J. Int'l & Comp. L. 153 (1997-1998)
Analysis of the Hamburg Rules on Marine Cargo Insurance and Liability Insurance

handle is hein.journals/ilsaic4 and id is 163 raw text is: ANALYSIS OF THE HAMBURG RULES ON MARINE CARGO INSURANCE AND LIABILITY INSURANCE Eun Sup Lee* I. INTRODUCTION ......................................................... 153 II. CARGO INSURANCE UNDER THE HAMBURG R U LES .................................................................... 156 A. Basis of Liability ................................................ 158 B. Period of Liability .............................................. 160 C. Package Limitation ............................................. 161 D. Other Clauses ................................................... 162 III. LIABILITY INSURANCE UNDER THE HAMBURG R U LES .................................................................... 163 IV. EXPLORATION OF THE EFFECT OF THE HAMBURG RULES: FIELD PRACTITIONERS' EXPECTATIONS ................ 167 A. Traders' Responses ............................................. 168 B. Carrier's Response: Cost-Saving, not Freight Increase ................................................. 170 C. Overall Effects of the Hamburg Rules on the Insurance Industry ......................................... 170 V . C ONCLUSION ............................................................ 171 I. INTRODUCTION There has been an increasing interest on the effects of the United Nations Convention on the Carriage of Goods by Sea (Hamburg Rules) on the double insurance problem which arises whenever a proposal to modify a carrier's liability regime is under discussion.' The Hamburg Rules can * Professor of Economics, Pusan National University, Pusan, Korea; President, Korea Institute of Economic Policy; Ph.D., Economics. The author wishes to thank Sam Sung Fire & Marine Insurance Co., Ltd., and Sin Dong A Fire & Marine Insurance Co., Ltd., Korea, for the Overseas Research Fund. The author thanks Professor Richard Voss, University of Alabama Business School, Dr. Son Ok Kim, Pusan National University, and Mr. Sang Haw Lee, Korean Insurance Supervisory Board, for their invaluable research assistance. 1. The Hague Rules were so controversial in the United States that it took Congress 12 years to enact them. The Visby Amendments have given us a quarter century of controversy, with no end in sight. The Hamburg Rules have been controversial practically since the United Nations first began to work on them. The most prominent of the arguments that have reappeared

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