Damyang-gun Promotes Small Business Flood and Windstorm Insurance Support Program

Expansion of Military Aid by 10% to 80% Support Rate

[Damyang=Asia Economy Honam Reporting Headquarters Reporter Kim Chunsu] On the 16th, Damyang-gun, Jeollanam-do announced that it will promote a small business owner flood and wind disaster insurance support project to enhance the autonomous disaster prevention capabilities of small business owners' private property against various disasters such as typhoons and heavy rain, and to establish a realistic compensation system for damages.

The project will be carried out from April until the budget is exhausted based on the ordinance on support for small business owners in Damyang-gun, and will provide up to 80% support by adding 10% of the county budget to the 70% existing support for insurance premiums that the insured must pay.

The insured objects for insurance are small business owners' stores, factories, machinery, and inventory assets. Starting this year, signboards and antennas can also be insured, and the compensation amount will be reimbursed on an actual loss basis up to 100 million KRW for stores, 150 million KRW for factories, and 50 million KRW for inventory assets.

To subscribe, individuals can enroll online through the National Disaster Safety Portal or offline through Hyundai Marine & Fire Insurance, DB Insurance, Samsung Fire & Marine Insurance, KB Insurance, and NH Nonghyup Insurance, paying only 20% of the premium as their own burden.

Additionally, subscribing to flood and wind disaster insurance offers benefits such as reduced fees for credit guarantee issuance from the Jeonnam Credit Guarantee Foundation, and preferential loan interest rates from the Small Enterprise and Market Service and financial institutions.

A county official stated, “Flood and wind disaster insurance is a good system that can provide practical compensation to small business owners when disasters such as frequent typhoons and heavy rains occur due to recent abnormal weather changes,” and added, “We will actively promote insurance subscription to help many small business owners reduce their damage burden from disasters.”

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