Samsung Fire & Marine Insurance Obtains Exclusive Usage Rights for 'Biz & Safety Partner'

Compensation Clause for Closure Due to Pungsujae and
Attorney Fee Clause for Negligent Homicide in the Course of Duty
Exclusive Rights Granted for 6 Months

[Asia Economy Reporter Ki Ha-young] Samsung Fire & Marine Insurance has been granted exclusive rights for six months for its first-in-industry special coverage compensating business interruption caused by natural disasters and a special coverage for attorney fees related to occupational negligence causing injury or death.

According to the industry on the 8th, Samsung Fire & Marine Insurance recently received exclusive usage rights for six months (2020.12.3~2021.6.2) from the Korea Insurance Development Institute’s New Product Review Committee for two new risk coverages under its commercial property insurance 'Biz & Safety Partner.'

Last month, Samsung Fire & Marine Insurance launched 'Biz & Safety Partner,' a commercial property insurance that covers property damage, liability, and employee-related protections all at once. The insurance premium is applied according to the actual business type of the customer’s operating site.

Among them, the special coverage compensating business interruption caused by natural disasters, the first of its kind in the industry, was granted exclusive usage rights this time. This coverage compensates up to 100,000 KRW per day if a store is forced to close due to fire, natural disasters, collapse, subsidence, landslide, on-premises explosion, or rupture.

The special coverage for attorney fees related to occupational negligence causing injury or death also obtained exclusive usage rights. This coverage reimburses actual expenses incurred for hiring an attorney when a person is detained or prosecuted due to bodily injury caused by occupational negligence.

Previously, in September, Samsung Fire & Marine Insurance was the first in the industry to launch a special coverage for influenza treatment costs, which received a three-month exclusive usage right. This product covers up to 200,000 KRW once when diagnosed with influenza and prescribed antiviral medication directly for influenza treatment. Within three weeks of launch, 12,000 cases were sold, with the influenza treatment coverage subscription rate exceeding 94%.

Exclusive usage rights are a kind of patent system for insurance products. The New Product Review Committee of the Life & Non-life Insurance Associations grants insurance companies that develop creative insurance products for consumers exclusive sales rights for a certain period. Typically, exclusivity periods range from 3 to 9 months based on evaluations of originality, advancement, and usefulness.

As product competition intensifies, insurance companies are securing exclusive sales rights through exclusive usage rights and using this to gain an advantage in sales and marketing. This year, life insurance companies have obtained exclusive usage rights for a total of five products, while non-life insurance companies have obtained rights for 16 products.

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