[Asia Economy Reporter Changhwan Lee] Samsung Fire & Marine Insurance announced on the 2nd that it has introduced mini insurance policies available for subscription on 'Monimo,' the integrated platform of Samsung Financial affiliates.
The exclusive product first introduced by Samsung Fire & Marine Insurance through 'Monimo' is the 'Mini Bicycle Insurance.' It comprehensively covers various risks that may occur during bicycle riding.
This product covers bicycle injury death and disability, daily hospital admission allowance for injuries, fines from bicycle accidents, attorney fees, and traffic accident support funds as basic coverage. It is an internet-only insurance with a coverage period of one month.
A distinctive feature of Samsung Fire & Marine Insurance's 'Mini Bicycle Insurance' is that it is the first in the industry to cover the insured's deductible portion of repair costs resulting from accidents with automobiles.
When an accident occurs with an automobile and the automobile is not 100% at fault, the bicycle owner is responsible for the repair costs proportional to the fault ratio. However, if the insured has this product and their fault ratio is less than 50%, the bicycle repair costs can be covered up to the insured amount.
A representative from Samsung Fire & Marine Insurance Direct stated, "This product was prepared for customers who use bicycles as a representative eco-friendly transportation means and increasingly as a hobby," adding, "We will continue to strive to provide various products suited to the digital environment."
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