Baemin Supports Flood and Windstorm Insurance Premiums for Restaurant Owners with Gyeonggi Province
Compensation up to 50 Million KRW for Damage from Natural Disasters such as Typhoons, Floods, and Strong Winds
[Asia Economy Reporter Kim Cheol-hyun] Baedal Minjok is partnering with Gyeonggi Province to support insurance premiums for flood and windstorm insurance for restaurant owners in the Gyeonggi area. Woowa Brothers, the operator of Baedal Minjok (hereafter Baemin), announced that they have signed a "Business Agreement for Supporting Flood and Windstorm Insurance Enrollment for Restaurant Owners" with Gyeonggi Province and will start accepting applications for flood and windstorm insurance enrollment from the 8th.
Flood and windstorm insurance is a policy insurance that provides compensation when damage occurs due to natural disasters such as typhoons, floods, and strong winds. The government and local governments cover most of the insurance premiums, and the remaining portion is paid by the insured. The insurance premiums are relatively inexpensive, costing tens of thousands of won annually.
Accordingly, Baemin has been conducting flood and windstorm insurance support projects for restaurant owners in cooperation with various local governments since this year. They pay the full insurance premiums on behalf of the owners so that they can use the insurance free of charge. Starting in March with Busan, the target areas have expanded to Jeju, Gangwon, Jeonnam, and others.
This flood and windstorm insurance for restaurant owners in the Gyeonggi area will support up to 10,000 people. By submitting simple documents, they can enroll without any insurance premium burden. The compensation limit is 50 million won, and the deductible in case of damage is about 200,000 won, which is affordable.
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Kwon Yong-gyu, Head of Value Management at Woowa Brothers, said, "Many restaurant owners suffer difficulties every year due to natural disasters, but many are unprepared because they are unaware of flood and windstorm insurance." He added, "Woowa Brothers plans to expand the support nationwide within this year."
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