Launch of Liability Deductible for Reusable Battery Safety Inspection Agencies

Capital Goods Deduction Association Liability Group Insurance Business Agreement Ceremony

The Capital Goods Mutual Aid Association (Chairman Jo Young-cheol) announced on the 16th that it signed a business agreement at the Yeouido Machinery Hall to launch a liability mutual aid product for safety inspection agencies of reused batteries.

The agreement ceremony, attended by the Capital Goods Mutual Aid Association, KB Insurance, Hyundai Marine & Fire Insurance, Meritz Fire & Marine Insurance, and DB Insurance, was held to launch a practical liability insurance product to ensure the safety of reused batteries.

(From left) Park Jong-hee, Executive Director of Meritz Fire & Marine Insurance; Jeong Seong-wook, Executive Director of KB Insurance; Song Gyun-ho, Executive Director of Capital Goods Mutual Aid Association; Kim Byung-won, Executive Director of Hyundai Marine & Fire Insurance; and Lee Min-woo, Head of Division at DB Insurance, are taking a commemorative photo after signing the agreement.

Reused battery operators can only sell products that have undergone self-safety inspections or third-party safety inspections in accordance with relevant laws. The Capital Goods Mutual Aid Association is the representative institution responsible for liability related to reused battery safety inspections.

The Capital Goods Mutual Aid Association's liability insurance product for reused batteries was developed according to the reused battery safety inspection system, which aims to safely reuse used batteries from electric vehicles and other sources in energy storage systems (ESS) instead of disposing of them.

Through this business agreement, it is expected to strengthen the competitiveness of the related industry by managing the underwriting of reused battery mutual aid, maintaining optimal mutual aid programs, calculating mutual aid premiums, and establishing prompt compensation programs in case of mutual aid accidents.

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