A Study on Evaluating Modern Piracy and Marine Insurance Coverage

해상보험에서의 현대적 해적행위 해석과 담보변화에 관한 연구

The purpose of this paper is to urge the importance of evaluating modern piracy and explore legal complication to govern modern piracy in international trade. Further more, this paper will present how marine insurance has evolved to reflect modern piracy and provide coverage to the risk of modern piracy. Modern piracy is a complex risk and successful risk management will mean combining statutory regulations and supplementary measures to combat piracy in advance and mitigate exposure to the risk of Piracy. More importantly, further studies on piracy as a risk based approach using risk management principles should come before taking insurance as a risk management plan.