KB Sonbo launches 'Event Organizer Liability Insurance' covering event risks

[Asia Economy Reporter Changhwan Lee] KB Insurance announced on the 18th that it has launched the industry's first ‘Event Organizer Liability Insurance,’ which focuses on covering liability risks arising during event operations.

Recently, with the easing of COVID-19 quarantine measures, events that had not been held for some time are now taking place, raising concerns about personal injury and property damage occurring at event venues.

In the past, event organizer liability was covered by adding a special clause for facility owners to the business liability insurance. However, since it is a product that covers comprehensive risks, there was confusion at the time of subscription due to unclear information about the facilities for customers who subscribe to event insurance each time, and it was inconvenient that rate calculation took a long time for large-scale events.

Accordingly, KB Insurance explained that it has launched the ‘Event Organizer Liability Insurance,’ which focuses on covering liability when an event organizer causes damage to the body or property of third parties such as spectators due to defects in facilities within the event area or negligence related to event operations.

The company emphasized that this product clarifies the coverage area as the ‘event area’ mentioned in the event outline provided by the organizer, enhancing convenience for customers who want to subscribe to liability insurance.

In addition, the company improved its business process to shorten the premium calculation time so that if subscription documents are submitted up to one hour before the event, the premium can be calculated immediately.

Baek Chang-yoon, Executive Director of the General Insurance Division at KB Insurance, said, “In the post-COVID-19 era, as various events that could not be held before are now taking place, we have launched a product that can protect customers and spectators so that event organizers can proceed without worry.” He added, “KB Insurance will continue to develop products that can lead the market by reflecting the diverse needs of customers.”

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