NH NongHyup Property & Casualty Insurance announced on July 9 that it has obtained a six-month exclusive usage right for two new pet temporary care cost coverages launched on June 2.
The two coverages granted exclusive rights are "Temporary Pet Care Costs for Residential Fire" and "Temporary Pet Care Costs for Residential Natural Disasters (Storm and Flood, Earthquake, Heavy Snow)." Each coverage provides reimbursement for temporary care costs for dogs and cats when the owner cannot reside in their home due to fire or due to storm and flood, earthquake, or heavy snow, respectively.
Previously, existing pet care cost coverages only provided protection in cases where the owner suffered injury or illness. With the launch of these two new coverages, NH NongHyup Property & Casualty Insurance became the first in the industry to introduce pet-specific coverages that also protect against disasters such as fire.
According to the Korea Disaster Safety Technology Institute, it takes approximately 14 days to restore a home to its original condition after a fire. In situations where the burden of pet care costs is high, many owners have experienced inconvenience by having to find pet-friendly accommodations or ask family members to take care of their pets.
The two new coverages are included in the fire insurance product "My Rich House Comprehensive Home Insurance." They provide coverage of up to 50,000 won per day for a maximum of 90 days. Enrollment is possible without disclosing the number of pets or their registration status. For the next six months, the development and sale of similar coverages by other insurance companies will be restricted.
Song Chunsu, CEO of NH NongHyup Property & Casualty Insurance, stated, "We launched these new coverages in response to the increasing number of pet owners and changes in disaster environments," adding, "We will continue to contribute to the development of a culture of responsible pet ownership."
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