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Package Insurance

  • 1. Product Overview
    It is a combination of fire insurance, machinery insurance, business interruption insurance, and General liability insurance that companies need the most in "One policy". Package insurance provides convenience in contract management by collateralizing multiple risks with a single policy.

    The All Risk cover policy has been adopted to eliminate the problem of gaps in covered risk. By entering into multiple locations and multiple risks into a single insurance contract, premiums are reduced. New risks, such as small construction clauses and additional property collateral, can be further extended.
  • 2. Company Who needs this policy
    Factories, buildings owned by general businesses, machinery, facilities, etc.
  • 3. Contents of Compensation

    a) Property All Risks (PAR)

     In addition to the risk of fire and lightning secured by fire insurance, the company automatically covers all risks such as Act of God, explosions, earthquakes, thefts, etc., as well as comprehensively collateralizing the risk of other accidental property accidents (excluding the risk of Exclusion).

    b) Machinery Breakdown (MB)

     Compensate for sudden and accidental damage to machinery that requires repair or replacement for re-operation by the following causes:

     - Damage caused by defects in materials, design, construction, assembly

     - Damage caused by lack of ability, lack of skills, negligence of employees or 3rd parties

     - Damage caused by other than Exclusion

    c) Business Interruption (BI)

     It compensates for the shutdown losses incurred by the suspension or cessation of the operation of the enterprise due to accidents covered by the above Property All Risk (PAR) or Machinery Breakdown (MB).

    d) Liability (GL: General Liability)

     It shall compensate for the Liability borne by the insured person by causing injury (physical disability) to the body of another person in an accident during the insurance period or by causing damage to the property of another person (property damage) as legal liability.