UIB

Insurance for Construction Risks: Owners and/or Contractors of a construction project can take out insurance policies that provide comprehensive protection against sudden and accidental damage or loss to the insured property.

Contractors’ All Risks, CAR

Road

Bridge

Breakwater/Port

Dam

Tunnel

Building

Contractors’ All Risk is an “All Risks” insurance policy that covers sudden and accidental damages/losses occurred during the construction projects.
If necessary, one can extend the coverage to include Third Party Liability and Advanced Loss of Profit.
Typical project insured includes civil works and building construction works.

Erection All Risks, EAR

Power Plant

Refinery

Solar Power

Wind Power

Erection All Risk is an “All Risks” insurance policy that covers sudden and accidental damages/losses occurred during the erection projects.
If necessary, one can extend the coverage to include Third Party Liability and Advanced Loss of Profit.
Typical project insured includes power generation projects and petrochemical projects.

Insurance for Operational Risks: Insurance for operational risk provides protection for properties under operation from sudden and accidental accident.

Fire Insurance

Apartment

Housing

Machinery

Furnitures & fixtures

Fire insurance is a property coverage that covers physical damage to property and other losses caused by fire.
It covers the cost of repairing or replacing damaged property, and expenses during the course of extinguishing or escaping from fire.
Covered property mainly includes residential/ commercial/ industrial buildings, machinery, furniture and fixtures.

Property All Risks

Factory

Warehouse

Industrial complex

Hotel

Shopping center

Store

Property All Risks insurance is a comprehensive coverage that covers all risks to the insured property subject to the agreed terms and conditions.
It is a combination policy providing several different coverages such as property damage, business interruption and liability, and it can be tailored to the clients’ needs.
Covered property mainly includes large industrial or commercial properties such as manufacturing factories, shopping malls, hospitals and hotels.

Inland Floater Insurance

Electronical equipment

Medical equipment

Machinery

Broadcasting/Communications equipment

Inland floater insurance covers for the personal or commercial property which is easily movable.
It provides coverage for all risks during storage, use or transit of the property except for the exclusions specified in the policy.
Key items that floater insurance covers are leased machinery, electronical equipment, medical equipment and raw materials, etc.

Contractors’ Plant and Equipment Insurance

Forklift

Excavator

Pile driver

Bulldozer

Contractors’ plant and machinery insurance provides coverage for a range of heavy machinery or equipment used at construction, civil-engineering works, agricultural or mining sites.
Covered items are contractors’ heavy machinery and equipment such as forklift, excavator, pile driver and bulldozer.

Completed Construction All Risks

Road

Bridge

Dam

Tunnel

Breakwater

CCAR provides comprehensive protection against property damage and loss of profits for civil engineering structures during their operation.
Typical property insured includes civil structures such as road, bridge, tunnel, etc.

Comprehensive Machinery Insurance

Solar Power

Wind Power

Power Plant

Refinery

CMI provides comprehensive protection against property damage and loss of profits for an entire plant and machinery in operation.
Typical property insured includes wind and solar power. One can also take out CMI for power plants and chemical plants.

Liability Insurance: Liability Insurance provides an insured party with protection against claims resulting from injuries and damage to other people or property.
Liability insurance policies cover any legal costs and payouts an insured party is responsible for if they are found legally liable.

Commercial General Liability

Commercial building

Port

Warehouse

Commercial general liability (CGL) is a type of insurance policy that provides coverage to a business for bodily injury, personal injury, and property damage caused by the business’s operations, products, or injuries that occur on the business’s premises.

Premises and Operations
Contractor’s Liability
School Facility Management
Parking Lot Management
Gondola Operator
Construction Equipment Owners
Port Freight Loaders
Warehouse Management
Security Guards
Ship Repairers

Professional Indemnity

Lawyer

Doctor

Architect

Professional Indemnity Insurance (PI) is insurance that protects professionals such as accountants, lawyers, physicians, and architects & engineers against negligence and other claims initiated by their clients.
Professionals who have expertise in a specific area require this type of insurance because general liability insurance policies do not offer protection against claims arising out of business or professional practices such as negligence, malpractice, or misrepresentation

Directors and Officers Liability

Companies

Stock market

Directors and officers (D&O) liability insurance is insurance coverage intended to protect individuals (company’s board of directors or officers) from personal losses if they are sued as a result of serving as a director or an officer of a business or other type of organization. It can also cover the legal fees and other costs the organization may incur as a result of such a suit.

Product Liability

Automobile part

Food

Electronic product

Medical device

Mobile phone

Chemical product

Product Liability (PL) insurance is for businesses that manufacture products for sale on the general market. Product liability insurance protects against lawsuits arising from injury or death caused by their products.

Specialty

Credit

Credit insurance is a policy designed to protect from customers who would default on a payment obligation. The policy indemnifies the seller against the outstanding debt. Coverage can be provided by insolvency/bankruptcy, political crisis for exports, or delay in payment.

Extended Warranty

An insurance that covers loss of repair and replacement costs for a product due to structural, mechanical or electrical failures incurred after extended warranty period in addition to the standard warranty. Firms selling automobiles, household appliances and electronics with extended warranty period may consider to purchase this product.

Contingency

Contingency insurance covers risks that are not covered by traditional insurance products. It provides financial protection for event organizers, festivals and sporting events alike against event cancellation, adverse weather risks and prize indemnity.

RVI

Residual Value Insurance

RVI stands for Residual Value Insurance, which is intended to help companies manage asset value. It covers for losses caused by a decline in the value of an asset than the expected value at a future date. You may consider this product if you have assets with large market price volatility, such as ship and aircraft.

M&A

Mergers & Acquisitions Insurance is a product that comprehensively covers risks of the sellers and buyers in the event of a merger or acquisition of a company. Private equity buyer and strategic investors may consider this insurance product as a strategic risk mitigation tool.

cyber

Cyber insurance is intended to protect corporates against internet-based risks such as cyber crime. This insurance is based on liability coverage indemnifying for losses to others, arising from negligence and error & omission or a third party's cyber attack including DDOS, Hacking, Phising, and Pharming. Recently launched cyber insurance tends to cover first-party losses such as business interruption and restoration.

Marine Insurance: Marine Insurance covers for loss or damage that are incidental to a marine adventure including losses arising from a land or air peril.
Not only ship owners and shippers, but also shipbuilders and ship repairers, port terminal operators, logistics companies, land transporters, and airlines, there are a variety of insurance products that meet the needs of each business.

Cargo Insurance

Container

Bulk (grain, cement, etc.)

Oil

Cargo insurance covers loss or damage to the insured goods in the course of transit by sea, land or air.
Manufacturers, distribution companies, and trading companies that need import and export business are fit for this coverage, and many contractors who need to procure large-sized project cargo are also appropriate.
This insurance can be designed to provide for coverage of cargo from the moment it leaves the origin warehouse until the moment it arrives at the destination warehouse.
A master policy can be designed that not only for the domestic headquarters but also for the cargo of branches, subsidiaries, and affiliates located all over the world.

HullㆍP&I Insurance

LNG carrier

Bulk carrier

Container ship

Hull Insurance
Hull insurance covers physical damage to ship, collision liability caused by a peril of the sea.
P&I Insurance
P&I insurance protects the assured from the risk of third party liabilities in respect of crew, passengers, and oil pollution in addition to cargo liability.
Ship owner, manager, or charterer can be policyholder of this insurance.

Insurance Consulting

Our advisory and consulting services provide a comprehensive service that encompasses all stages of the insurance. UIB Korea guides the clients from risk assessment to policy issue and provides unwavering management service such as claims management, policy endorsement and/or extension services.