Liability up to 500 Million KRW for Injuries or Deaths When Renting Yachts and Jet Skis

Korea Shipping Association Launches Marina Vessel Rental Mutual Aid Product on the 4th

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[Sejong=Asia Economy Reporter Joo Sang-don] In the future, if users are injured or die due to accidents occurring while renting or operating marina vessels such as yachts, windsurfing boats, personal watercraft, and kayaks, they will be able to receive compensation of up to 500 million KRW per person.

The Ministry of Oceans and Fisheries announced on the 3rd that the "Marina Vessel Rental Business Liability Compensation Mutual Aid" product containing these details will be launched for the first time on the 4th.

Currently, there are a total of 207 marina service operators in Korea, including marina vessel rental businesses and vessel storage/mooring businesses. They are required to subscribe to insurance or mutual aid that guarantees compensation exceeding the statutory liability to cover damages to workers and users. However, until now, marina vessel rental operators were not considered operators of port transportation-related businesses and had no choice but to rely solely on private insurance products.

Accordingly, the Ministry of Oceans and Fisheries revised the "Korea Shipping Association Act subordinate ordinance" in June this year to allow marina vessel rental operators to join as associate members of the Korea Shipping Association and use the liability compensation mutual aid product. Subsequently, the Korea Shipping Association and the Korea Marina Association signed a business agreement to establish operational plans for the mutual aid system, including specific rates and coverage of the liability compensation mutual aid product.

This marina vessel rental business liability compensation mutual aid product covers legal liability for compensation in case users are injured or die due to accidents caused by renting or operating marina vessels. The compensation limit ranges from 150 million KRW to a maximum of 500 million KRW per person. The mutual aid product also provides basic coverage without additional mutual aid fees for damages occurring during periods when the vessels are used for purposes other than marina vessel rental operations, and operates various special coverage options. The Ministry of Oceans and Fisheries expects that this will cover unexpected damages for operators while reducing costs compared to private insurance.

Kim Tae-kyung, Director of Marine Leisure Tourism at the Ministry of Oceans and Fisheries, said, "Through the liability compensation mutual aid product to be launched this time, marina operators will be able to provide safer services to users, and the public will be able to enjoy marine leisure tourism with peace of mind."

This content was produced with the assistance of AI translation services.