Insurance Policy

Insurance Policy2018-06-15T13:49:14+00:00

Insurance Policy

Product Liability Group Fraternal Insurance(PLGFI) Policy

1. (Definition of Group Fraternal Insurance)

① The “Group Fraternal Insurance” operated by the Korea Federation of Small and Medium Business (hereinafter the “Federation”) and claim handled by “Private Insurance Company” will pay those sums that the insured(small and medium sized business) becomes legally obligated to pay as damages because of “bodily injury” or “property damage” of the third party due to products and completed operations manufactured, sold, supplied and constructed by insured.

② The scope of the small and medium sized business in the preceeding shall be as follow

  • Small and medium sized business defined and regulated in the “Small and Medium Sized Business Law”.
  • Cooperative of small and medium sized business defined and regulated in the “Small and Medium Sized Business Cooperative Law “.
  • Member of Cooperative of small and medium sized business defined and regulated in the “Small and Medium Sized Business Cooperative Law “.
  • Business group and its member that more than 70% of member is small and medium sized business
  • Other members of “Federation”

2. (The Insurance Contract)

① “Federation” conclude “Insurance” contract with “Private Insurance Company” on behalf of small and medium sized business for amicable operation of “Group Fraternal Insurance” business stated in Article 1.

② When smal l and medium business conclude “Group Fraternal Insurance” contract with “Federation”, it has to pay premium according to the “Insurance” contract stated ① . to the “Federation”

③ The insurance company conduct claim investigation, loss adjustment, claim payment, carrying out law-suit regarding “Insurance” contract, loss prevention and education, etc.

3. (Applicable Regulations)

Matters or subjects which are not stipulated in this policy shall adhere to the provisions of the attached declaration, schedule, and insurance policy.

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