Electric Vehicle Charging Accident Coverage... Meritz Fire & Marine Insurance Partners with ParkingCloud
Providing Customized Products for Parking Lots Equipped with Charging Facilities
Meritz Fire & Marine Insurance is partnering with parking platform company Parking Cloud to launch an insurance product that covers electric vehicle charging accidents.
On the 17th, Meritz Fire & Marine Insurance announced that it signed a business agreement with Parking Cloud, a cloud-based smart parking and charging solution developer, to provide insurance necessary for the electric vehicle charging business.
Accordingly, Meritz Fire & Marine Insurance plans to offer insurance covering the overall operation and management of electric vehicle charging businesses. Through this, it aims to enhance trust among electric vehicle charging customers and guarantee various safety accidents occurring within parking lots where chargers are installed.
As the distribution of electric vehicles and charging facilities increases, related accidents are also on the rise; however, there are no common applicable safety standards or mandatory insurance policies for charging facilities. Unlike gas stations, LPG charging stations, and hydrogen charging stations, which are required to have liability insurance, there is currently no related law for electric vehicle charging facilities.
Meritz Fire & Marine Insurance is collaborating with Parking Cloud, Korea’s number one parking platform company with a network of over 6,000 directly operated and affiliated parking lots nationwide, to provide customized products for the safety and property protection of electric vehicle customers and parking lots equipped with chargers. The coverage limits are among the highest in the industry, with up to 1 billion KRW per accident and 5 billion KRW annually in case of accidents during electric vehicle charging.
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A Meritz Fire & Marine Insurance official stated, "Through this business agreement, by combining Meritz Fire & Marine Insurance’s product competitiveness with Parking Cloud’s digital technology, we will be able to offer various insurance services that meet consumer demands."
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