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[Ferry Disaster] Sunken ferry insured for up to W350 million per passenger

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Published : 2014-04-17 20:56
Updated : 2014-04-24 10:49

Closed doors of Chonghaejin Marine Co., owner of the sunken ferry 'Sewol' (Yonhap)
Passenger-related insurance coverage for the sunken ferry Sewol is estimated at up to 450 million won ($433,000) per passenger, industry sources said.

Chonghaejin Marine Co., the owner and operator of the ferry, holds passenger accident insurance from the Korea Shipping Association for liability coverage of up to 350 million won per passenger, the Financial Supervisory Services confirmed Thursday.

All students on the ferry were also covered by additional travel insurance by Dongbu Insurance, which provides up to 100 million won per person in the event of accidental injury or death, the insurer confirmed.

According to the FSS, the ferry holds separate insurance for up to 11.3 billion won for hull and machinery damage from multiple insurers, including Meritz Fire and Marine Insurance and Korea Shipping Association.

Korea Shipping Association and Meritz are reinsured by Korean Reinsurance, and Samsung Fire and Marine Insurance, according to the FSS.

The passenger ferry Sewol had been en route from the western port of Incheon to Jejudo Island. Of the 475 passengers and crew on board were 325 students and 14 teachers from Danwon High School en route to the resort island.

Meanwhile, analysts and industry experts predicted that the wrecked ferry may entail the biggest insurance claim in Korean maritime history since a passenger ship sank in 1993, claiming 292 lives.

By Oh Kyu-wook (596story@heraldcorp.com)

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