NongHyup Insurance announced on the 9th that it has obtained exclusive usage rights for 6 months for two types of new collateral related to temporary pet custody expenses launched on the 2nd of last month.
The two types of collateral for which exclusive usage rights have been obtained are "house fire temporary pet custody expense" and "dwellings temporary pet custody expense (natural disasters, earthquakes, heavy snow)." Each provides temporary custody expenses for pets in cases where the owner cannot reside in their dwellings due to fire or natural disasters, earthquakes, or heavy snow.
Existing pet custody expense collateral only provided coverage in the event of the owner’s injury or illness. NongHyup Insurance has become the first in the industry to introduce dedicated collateral that covers pets in disaster situations, including fire, through the launch of these two new types of collateral.
According to the Korea Disaster Safety Agency, restoring dwellings after a fire takes about 14 days. In situations where the burden of pet custody expenses is significant, many owners have faced inconveniences, such as searching for accommodations that allow pets or asking family members for custody.
The new types of collateral are embedded in the fire insurance product "My Rich House Comprehensive Insurance." It provides coverage for up to 90 days with a limit of 50,000 won per day. Enrollment is possible without disclosing the number of pets and their registration. Additionally, the development and sale of similar collateral by other insurance companies will be restricted for the next 6 months.
Song Chun-soo, CEO of NongHyup Insurance, said, "We launched the new collateral in line with the increase in pet ownership and changes in disaster environments," adding, "We will continue to contribute to the development of pet ownership culture in the future."