HULL AND MACHINERY INSURANCE contributing to the national economy development

The Eighth Congress of the Workers' Party of Korea laid down that the major tasks of the new five-year plan must be aimed at focusing the investment with the metal industry and chemical industry as key links so as to normalize production in all sectors of the national economy, consolidate the material and technical foundations of the agricultural field and supply enough raw and other materials to light industry for increased production of consumer goods.

In order to fulfill the major tasks of the new five-year plan, vigorous struggle is being waged in the field of the land and maritime transport for continuing to build large cargo vessels suited to the world trend of development of ship-building technology, building an integrated management system of automotive transport and putting transport command on IT basis so as to ease the strain on transport.

Under the wise leadership of the Party, we have established a well-organized compulsory insurance system for the ships accounting for a big portion of transport industry in the national economy to ensure that all the ships are covered by the Hull & Machinery Insurance.

Korea National Insurance Corporation will update the terms and conditions of Hull & Machinery Insurance Cover in line with the global trend of development of insurance and further improve the level of risk management to bring down the loss ratios, while it will also do its best to make sure that the loss of or damage to vessels arising out of natural disasters or accidents are identified immediately and indemnified in a timely and reasonable manner. Thus it will contribute significantly to the normalization of transporting operation of shipping companies and the satisfaction of ever-increasing transport demands of the national economy.