"Make Sure to Enroll in Outdoor Advertising Business Liability Insurance!"

Gyeongnam Province Requires Subscription to Outdoor Advertising Liability Insurance by June 10

Gyeongsangnam-do Provincial Government Building Exterior

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Saeyan] Gyeongsangnam-do urged outdoor advertising operators to subscribe to liability insurance for outdoor advertising damage by June 10.

The 'Enforcement Decree of the Act on the Management of Outdoor Advertisements and the Promotion of the Outdoor Advertising Industry (Outdoor Advertising Act)', which stipulates the target for subscribing to liability insurance for outdoor advertising damage and compensation limits, was amended and enforced as of May 4.

This is a follow-up measure to the amendment of the Outdoor Advertising Act promulgated in June last year. The main contents include the types of liability insurance for outdoor advertising damage, the scope of outdoor advertisements subject to subscription, compensation limits of liability insurance, and criteria for imposing fines.

According to the amendment, outdoor advertising operators must subscribe to 'liability insurance for outdoor advertising damage' or 'insurance containing the same content as liability insurance for outdoor advertising damage' by June 10.

The target for liability insurance subscription includes outdoor advertisements and their posting facilities produced, displayed, or installed by outdoor advertising operators.

Mobile advertisements with accident risks such as signboards and banners are also included, while posters and leaflets are excluded.

The compensation limit under the liability insurance is at least 150 million KRW per victim in cases of death or permanent disability, at least 30 million KRW for injury, and at least 30 million KRW per accident for property damage compensation.

If an outdoor advertising operator violates the obligation to subscribe to liability insurance for 30 days or less, a fine of 10,000 to 100,000 KRW is imposed; for 31 to 90 days, 100,000 to 700,000 KRW; and for more than 90 days, 700,000 to 5,000,000 KRW is imposed.