Samsung Fire & Marine Insurance announced on the 16th that it has expanded its sales channels to allow customers to purchase flood and windstorm insurance, which was previously available only through insurance agents, via its direct website and application.
[Asia Economy Reporter Oh Hyung-gil] Samsung Fire & Marine Insurance announced on the 16th that it has expanded its sales channels to allow customers to subscribe to flood and windstorm insurance through its direct website and application starting this month.
Flood and windstorm insurance provides compensation for damages caused by natural disasters such as floods, windstorms, or earthquakes after weather warnings or earthquake alerts are issued. It is a policy insurance supported by the government and local governments, covering more than 70% of the insurance premium.
The flood and windstorm insurance sold through the direct channel includes 'Indemnity and Proportional Compensation Residential Flood and Windstorm Insurance (Ⅲ)' for houses and 'Indemnity Insurance for Small Business Owners Flood and Windstorm Insurance (Ⅵ)' for buildings and facilities of small business owners.
Residential flood and windstorm insurance covers buildings such as apartments up to 15 floors, row houses, and detached houses. Only homeowners can subscribe, and the maximum insurance amount is 200 million KRW. The deductible can be selected from 100,000 KRW to 500,000 KRW. Houses that are already damaged or under construction or renovation are not eligible for subscription.
Small business owners flood and windstorm insurance covers flood and windstorm risks for stores and factories. Eligible subscribers are small business owners as defined by the 'Act on the Protection and Support of Small Business Owners.' Eligibility may vary depending on the number of regular employees and average sales by industry.
The maximum insurance amount is 100 million KRW for stores, 150 million KRW for factories, and up to 50 million KRW for inventory assets. Actual damage is compensated up to the insured amount. The deductible can be selected from 200,000 KRW to 500,000 KRW.
However, if weather warnings or earthquake alerts were issued before the subscription date, damages caused by those natural disasters are not covered, so caution is required.
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