Seoul's Yangcheon District will subsidize up to 80 percent of fire mutual aid insurance premiums for traditional market shops enrolled in the program, aiming to reduce damage to merchants from market fires.
The subsidy amounts to a maximum of 268,960 won ($195) per shop annually and is available to merchants who newly enroll in or renew policies with coverage of at least 10 million won.
The traditional market fire mutual aid insurance is a product dedicated to traditional markets, offering lower premiums than private insurance. It is available regardless of building structure and provides full compensation for actual damages within the coverage limit as a pure protection-type product.
Enrollment automatically includes fire liability insurance, which covers up to 100 million won in damages to third parties and property in the event of a fire.
The district plans to promote swift recovery from fire damage at traditional markets and stabilize merchants' livelihoods by expanding participation in the fire mutual aid insurance program.
