Eligibility and Period

• Eligibility : Ships(Crafts) owned, managed and chartered by members(including public agencies)
• Insurance Period : One(1) year

Terms and conditions of coverage and Limit of liability

Risks covered

• Ship(Craft) Owner's Liability
  • Leisure business operator : Liability under law for users caused by possession, use and management of leisure crafts
  • Private owner of leisure crafts : : Liabilitiy to other people's injuries due to the possession, use and management of leisure crafts
  • Limit of liability : KRW 150 million to KRW 500 million per person
  • Deductible : KRW 100,000 ~ 1 million per accident
• Damages on leisure crafts
  • Damages caused by collision, stranding, sinking, fire, explosion, theft and same kind accidents on leisure crafts
  • Limit of liability : Insured amount within the value of leisure crafts
  • Deductible : 10% of insured amount
• Injuries during leisure activity(death, disablity)
  • Physical damages of insured during leisure activity
  • Limit of liability : KRW 100 million to 500 million per person

Additional Coverage by Special Clauses

• Liabilities for Third-Party's Damage(for Business Operator)
  • Liabilities for injuries of third parties arising from the possession, use and management of leisure crafts under law.
  • Limit of liability : KRW 60 million to 500 million per person, KRW 60 million to 1 billion per accident
  • Deductible : KRW 100,000
• Medical expenses
  • Security for the medical expenses that are not legally liable for physical damages caused by the users of water leisure crafts
  • Limit of liability : KRW 500,000 to 1 million per person, KRW 5 million to 40 million per accident
• Liabilities of leisure facilities owner(manager)
  • Liabilities under law arising from the facilities owned, used and managed and the job performance according to the purpose of the facilities
  • Limit of liability : KRW 10 million to 500 million per person for personal indemnity, KRW 10 million to 3 billion per accident / KRW 2 million to 3 billion per accident for property indemnity
• TLO(Total loss only)
  • Covered only when the leisure craft totally damaged.

Premium

Premiums calculated in accordance with the specifications and capacity of leisure crafts, and shall be discounted as per number of owners, type of vessel, and contranct renewal, etc.