[Insurance Proceeds Claim Litigation Corporate Advisory] An Insurance Proceeds Claim Litigation Exceeding 10 Billion Won Dismissed Through Daeryun's Corporate Advisory

Insurance company B was placed in difficulty after becoming the subject of an insurance proceeds claim litigation.

Insurance company B had concluded a construction works insurance contract with construction company S concerning the new construction of a residential facility, and construction company S began the work.

While construction company S was carrying out the work, additional construction unavoidably became necessary, and it filed an insurance proceeds claim litigation seeking these additional construction costs from insurance company B, after which insurance company B requested corporate advisory from Daeryun Law Firm.

Before the insurance proceeds claim litigation, construction company S applied for an appraisal of the additional construction costs, and the additional construction costs determined through the appraisal amounted to more than 20 billion won; according to construction company S's position, insurance company B would have to pay the more than 20 billion won in insurance proceeds claimed by construction company S.

However, when insurance company B concluded the construction works insurance contract with construction company S, there was a clause providing that the insurance company's payment of insurance proceeds is exempted where an accident or additional measures arise from defects in construction or design, and insurance company B, believing that the additional construction carried out by construction company S had arisen from construction and design, requested assistance from Daeryun Law Firm.

Daeryun Law Firm provided assistance to resolve the situation of insurance company B, which had been placed in difficulty by the insurance proceeds claim litigation.

Daeryun Law Firm provided assistance to insurance company B, which had been placed in difficulty by the insurance proceeds claim litigation filed by construction company S.

In the insurance proceeds claim litigation, Daeryun Law Firm first applied for an appraisal of the cause of the additional construction in order to determine the reason that construction company S had carried out the additional construction, and sought to establish precisely the cause that had led to the additional construction.

In addition, Daeryun Law Firm also pursued a request to correct and supplement the amount of the 20 billion won in additional construction costs that construction company S had claimed from insurance company B through the appraisal application.

The amount corrected through this came to about 10 billion won, representing a substantial correction of roughly one-half of the previous appraisal amount.

Daeryun Law Firm gathered the grounds described above and argued for the dismissal of the insurance proceeds claim litigation filed by construction company S.

Daeryun Law Firm informed the court that there were problems with the insurance proceeds claim litigation filed by construction company S.

Daeryun Law Firm provided its best assistance to establish that construction company S's insurance proceeds claim was fundamentally flawed, including by demonstrating errors in the matters asserted by construction company S.

The court then rendered a dismissal judgment in the insurance proceeds claim litigation, and with Daeryun's assistance, insurance company B was able to resolve smoothly the insurance proceeds claim litigation filed by construction company S.

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