Small Enterprise and Market Service, NH Nonghyup Property & Casualty Insurance Launch Dedicated Fire Insurance for Small Manufacturers... Integrated Coverage Limit

No-Review Underwriting and Affordable Coverage with Low Premiums

The Small Enterprise and Market Service has jointly developed a fire insurance product with NH Nonghyup Property & Casualty Insurance for small manufacturers who have been left without adequate private fire insurance coverage, and will launch it.

The Small Enterprise and Market Service signed a memorandum of understanding with NH NongHyup Insurance on the 27th at a shared infrastructure facility for small manufacturers in Hwaseong, Gyeonggi Province, to establish a fire safety support system for small manufacturers. In Taeyeon, president of the Small Enterprise and Market Service (right), and Song Chunsu, CEO of NH NongHyup Insurance (left), pose for a commemorative photo. Photo by the Small Enterprise and Market Service.

The Small Enterprise and Market Service said on October 28 that it had signed a memorandum of understanding (MOU) with NH Nonghyup Property & Casualty Insurance at a shared infrastructure facility for small manufacturers in Hwaseong, Gyeonggi Province, to establish a fire safety support system for small manufacturers.

The agreement was pursued to strengthen the business safety net for small manufacturers who face fire risks due to the handling of flammable materials and aging facilities at their workplaces, while also grappling with stringent underwriting conditions and high insurance premiums.

The two organizations jointly developed the NH Manufacturing Small Business Fire Insurance, a dedicated fire insurance product tailored to the working environments of small manufacturers.

The product is the first in the industry to introduce integrated coverage limits for fire damage. Instead of separately setting coverage amounts for buildings, facilities, machinery, and other items, policyholders can receive broad compensation for actual losses within a single coverage limit.

The product substantially lowers the barrier to enrollment by eliminating preliminary reviews through no-review underwriting. Its competitiveness has also been strengthened so that even small-scale manufacturers can obtain meaningful compensation with low premiums, making coverage affordable.

The two organizations plan to continue working together to promote the dedicated fire insurance product and support enrollment, as well as connect fire-vulnerable small manufacturers with safety inspections and fire-prevention education.

In Tae-yeon, chairman of the Small Enterprise and Market Service, said, "A fire is a major disaster that can take away in an instant the livelihood that small manufacturers have built over a lifetime. It is therefore essential to establish a robust safety net for prevention and recovery. I hope this dedicated insurance, with lower barriers to enrollment and broader coverage, will quickly take hold in the field and help create an environment where small manufacturers can focus on their work with peace of mind."

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