About
Credibility insurance is an insurance that covers property damage caused by product defects, to insure the credibility of companies consuming domestic products
Entitled Parties
parts and material producing companies certified credibility and evaluation
- ※ credibility insurance service is currently on hold from our association, and is available for use from Korea Trade Insurance Corporation.
Secured risk
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보증약관게시판 Secured risk Main coverage product risk Substitute price of fixing cost to be paid due to the defects of parts and material, after the product manufactured by material and parts producing company is transferred product return cost Reimbursement for groundwork cost when product return is unavoidable product reimbursement liability Amount of lawful compensation to be paid by parts manufacturing company due to physical or property damage caused by the product after it is transferred to the consuming party. product compensation risk Lost profit and opportunity cost caused by defect of the product after parts are transferred to the 3rd party
Application
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보증약관게시판 Eligibility Companies producing parts and materials that are certified as reliable or credible Scope of Coverage domestic and international transactions are secured Insurance application methods based on the standard of annual sales and supply contract of the company
Deductible Amount
- The amount that the insured party must pay after the insurance coverage is discounted because it is deducted from the amount of reimbursement.
Coverage Territory
- Area covered and secured by insurance
Retroactive Date
- To be secure claims occurred prior to the insurance commence date, a retroactive date is applied to those claims.
Insurance premium
Basic rate = Risk level x (1 + Safety level) / (1- Business proportion) x weighted value per guarantee
Process
- Consultation
- 1. Explanation of the overall insurance policy
2. Request of documents- - Application questionnaire, company introduction materials, brochure, etc
- - Guidance for Quality Control System (process), International accredited certificates
- Reliability assessment
- 1. Evaluation agency's confirmation on submitted of certificates
- Visit & onsultation
- 1. Necessary document collection (pre-consultation and review)
2. Consultation on insurance product composition
- Onsite visit
- 1. Onsite visits: exposed risk investigation, interview with personnel in charge
2. Check for other insured products
3. Insurance value investigation
- Inspection & Acceptance
- 1. Determine an insurance program and the terms of insurance policy
2. Determine premium : Agreement on rates in accordance with compensation limits and collateral areas