KB?Sonbo "Launch of Special Clause Guaranteeing Attorney Fees for Administrative Appeals in Case of Business Suspension"

[Asia Economy Reporter Changhwan Lee] KB Insurance announced on the 17th that it will launch a special contract called ‘Attorney Retainer Fee for Administrative Appeal against Business Suspension Cancellation’ that guarantees attorney retainer fees so that small business owners can file an administrative appeal if they receive a business suspension order due to an unforeseen accident.

This product was developed by KB Insurance as the first in the industry, and on the 14th, it completed the application for exclusive rights with the General Insurance Association. If the exclusive rights are approved, KB Insurance will have exclusive rights to sell the product for a certain period.

The ‘Attorney Retainer Fee for Administrative Appeal against Business Suspension Cancellation’ is a special contract that guarantees attorney retainer fees for small business owners operating restaurants, convenience stores, etc., who receive a business suspension order from an administrative agency due to an unforeseen accident during the insurance period, allowing them to hire an attorney and file an administrative appeal. If the business suspension order is canceled or reduced through the administrative appeal, the attorney retainer fees paid at that time will be covered.

The company emphasized that while the existing general insurance industry sold legal expense insurance products that cover attorney retainer fees for administrative litigation, there was no product that covers attorney fees for administrative appeals.

Baek Chang-yoon, Head of the General Insurance Division at KB Insurance, said, "Through the launch of this special contract, we are honored to provide coverage that can offer some help to small business owners struggling due to COVID-19."

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