NH NongHyup Insurance, Comprehensive Property Insurance Covering Fire and Liability

NH NongHyup Property & Casualty Insurance announced on the 1st that it has launched the long-term property insurance product, 'NH Seungseung Janggu Comprehensive Property Insurance.'

[Asia Economy Reporter Oh Hyung-gil] NH Nonghyup Property & Casualty Insurance announced on the 1st that it has launched a long-term property insurance product called 'NH Seungseung Janggu Comprehensive Property Insurance.'

It comprehensively covers fire damage to general properties such as restaurants, academies, and hospitals, as well as factory properties, along with various liability coverages, business interruption losses, and legal expenses.

In particular, it allows customers to subscribe to the mandatory multi-use facility liability insurance and disaster liability insurance at once, and for nine property damage riders including fire, the product competitiveness has been enhanced by applying an actual expense compensation rider.

Additionally, small business owners who subscribe are offered a benefit of a 2% discount on the accumulated premium, capped at 2,000 KRW per month. Discounts on the insured premium are also available if fire extinguishers or automatic fire detection systems are installed.

The insurance period can be selected from 3, 5, 7, or 10 years, and payment frequency options include monthly or annual payments.

For the accumulated premium, a fixed interest rate of 2.25% is applied instead of a variable rate based on the announced interest rate. Customers who maintain the policy until maturity will receive 5% of the paid insured premium, and those with no claims until maturity will receive up to 10% of the paid insured premium added to the maturity refund.

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