[Asia Economy (Naepo) Reporter Jeong Il-woong] Chungnam Province will mandate disaster liability insurance (hereinafter disaster insurance) for rental apartments under 15 floors and row/multi-family houses.
This is in accordance with the revision of the Enforcement Decree of the Framework Act on Disaster and Safety Management, and facilities that do not subscribe to the insurance will be fined based on the number of days uninsured, so caution is required.
According to the province on the 28th, disaster insurance compensates for bodily injury or property damage to others caused by fire, explosion, or collapse.
The subscription targets are facilities vulnerable to disasters such as apartments, restaurants, lodging businesses, and logistics warehouses, and the insurance premium varies depending on the type of business, area, and insurance company of the target facility. The coverage typically compensates bodily injury up to 150 million KRW per person and property damage up to 1 billion KRW on an actual expense basis.
For inquiries regarding unique numbers and other matters necessary for managing disaster insurance subscriptions, guidance can be obtained from the Social Disaster Response Team of the Social Disaster Division of the province or the Safety General Division and licensing departments of the respective city or county.
Jung Seok-wan, Director of the Disaster Safety Office of the province, said, “Disaster liability insurance is an important means to protect customers using business premises and is essential to secure the business owner's compensation ability,” and added, “We ask for caution so that facilities subject to new or renewal disaster insurance subscriptions do not miss the subscription period and suffer disadvantages such as fines.”
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