[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Metropolitan City urged on the 22nd to subscribe to and renew disaster liability insurance that compensates for damage to others' lives or property caused by fire, explosion, collapse, and other incidents.
Disaster liability insurance is a mandatory insurance that provides maximum relief even for no-fault accidents without the subscriber's negligence, accidents of unknown cause, and damages caused by arson, thus greatly benefiting both users and business owners.
The subscription criteria include 20 types of facilities such as restaurants, lodging businesses, gas stations, apartment complexes under 15 floors, logistics warehouses, funeral halls, libraries, and rural lodging facilities included since last year.
The annual premium varies depending on the subscribed facility, type, and area, but is generally around 20,000 KRW for 100㎡, and the subscription period for new facilities subscribing for the first time is within 30 days from the date of registration or notification completion.
The coverage includes up to 150 million KRW for bodily injury to others and up to 1 billion KRW per accident for property damage.
If not subscribed, fines ranging from a minimum of 100,000 KRW to a maximum of 3 million KRW will be imposed depending on the period of violation of the subscription obligation.
As of last month, Gwangju City's disaster liability insurance subscription rate shows 98.81%, with 5,085 out of 5,146 target facilities subscribed.
Gwangju City is making efforts to enable more business owners to subscribe by broadcasting promotional videos on subway station electronic billboards and distributing subscription guides.
Baek Gwang-chun, head of the city's Natural Disaster Division, said, “We will actively promote subscription guidance to achieve a 100% subscription rate for disaster liability insurance and strive to strengthen the social safety net.”
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
