A South Korean vessel that collided with a North Korea fishing boat earlier on Tuesday in the East Sea will likely receive compensation in accordance with related international insurance regulations.
The South Korean vessel was confirmed to have been insured for 850-million won with the Korea Shipping Association and Dongbu Insurance.
However, the insurance payments will take some time given that a third party, instead of the insurers, will investigate and interview the fishermen and crew of the two vessels to determine accountability for the collision.
The 658-ton Dongi-1 collided with a small North Korean fishing boat at 2:35 a.m. some eight kilometers off the coast of the North’s Jangjeon port.
In the accident, two North Korean fishermen went missing and two others were rescued by the South Korean ship.
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