An insurance the managing body of a lift must take out under the Elevator Safety Management Act. It covers legal liability for user death, injury and property loss from accidents involving elevators, escalators and wheelchair lifts.
N2N Insurance Brokerage does not represent any single insurer — it independently represents the client as an FSS-registered broker (Reg. No. 2026-012201). We compare the wordings, rates and service of AIG · Chubb · DB · Hyundai · KB · Meritz to propose the cover and price best suited to your risk. Each insurer's full wording is provided at application and binding.
Elevator accident liability insurance is cover the managing body of a lift must take out under Article 30 of the Elevator Safety Management Act, to guarantee compensation where a lift accident causes loss to another person's life, body or property.
Any facility operating lifts — high-rise buildings, apartments, retail centres, mechanical car parks — faces serious casualties and the resulting civil liability of the managing body in an accident. This cover can also combine an excess-compensation endorsement to cover loss beyond the compulsory limit.
Cover the managing body must take out under Article 30 of the Elevator Safety Management Act.
Compensation for death or injury from door entrapment, falls, falling objects, power failure or being trapped.
Additionally covers major-accident loss beyond the statutory compulsory limit.
Accidents at a building's mechanical car-park lift can be covered under the same wording.
Multi-unit housing and commercial facilities operating elevators.
Facilities operating lifts used by many people.
Operators of building mechanical-parking lifts and parking towers.
Sites operating freight elevators and automated-warehouse lifts.
| Limit | Death/disability KRW 80m / injury KRW 15m / property KRW 10m (statutory limit) |
|---|---|
| Key endorsements | Excess-compensation endorsement + mechanical-parking extension |
| Limit | Statutory limit + KRW 100m excess |
|---|---|
| Key endorsements | Base + excess compensation |
| Limit | Death KRW 150m / property KRW 50m |
|---|---|
| Key endorsements | Mechanical-parking accident extension |
※ The above are general design examples; actual premium and limits may differ according to the risk profile of the business, past claims history and the insurer's assessment. An exact quote is tailored on request.
A case where a user struck the door, the door gave way and the user fell and was badly injured. A “do not strike the door” notice was posted, but the accident still occurred and the managing body's inspection responsibility was partly recognised.
A case where a ceiling light cover fell onto a passenger's head and feet in a retail lift. The injury was extensive, and treatment costs were supported through the building management office.
A case where, after a vehicle entered a mechanical car park, the door closed automatically and the rear of the vehicle was caught in the lift door, damaging the boot. Property loss including repair costs and lost income arose.
※ The above are generalised examples of industry claims; actual cover outcomes may differ according to the wording and application terms.
| Policy period | 1 year, renewable |
|---|---|
| Payment | Single (annual) payment |
| Insurers | DB · KB · Meritz · Hyundai |
| Channel | Individual consultation with our broker (010-5755-6465) |
| Turnaround | 1–2 business days |
If the insured event has already occurred at the time the contract is made, the contract is void. However, where the contract is void due to the company's intent or negligence, or where the company knew or could have known of the nullity before acceptance yet did not refund the premium, the company refunds the premium with interest at the policy-loan rate published by the Korea Insurance Development Institute, compounded annually, for the period from the day after payment to the day of refund.
The specific losses not covered (exclusions) are set out in each insurer's policy wording and product description; the main exclusions are summarised on this page. For other cover-specific grounds on which claims are not paid, please refer to the policy wording.
The company provides cover, in accordance with the policy, from the time it accepts the application and receives the first premium. Where the company accepts the application after receiving the first premium with it, cover also begins from the time the first premium was received.
The application must be completed by the policyholder, and the policyholder and the insured must sign it by hand. Failure to sign by hand may result in disadvantages regarding the validity of the contract. On an internet cyber-mall, an electronic signature may be used instead.
The policyholder has the right to be given and have explained the information needed about the product they wish to buy.
The insurer and N2N Insurance Brokerage must explain the important matters of the product to ordinary financial consumers.
When applying, the policyholder, the insured or their agent must disclose truthfully the facts they know regarding the questions in the application (including the questionnaire). Otherwise the claim may be declined or the contract cancelled. Where insurance is taken out by telephone or other means of communication, the duty is performed by answering the seller's questions, which are recorded, without a separate written questionnaire, so answers must be given with particular care.
If, after the contract is made, any of the following arises in respect of the subject-matter insured, the policyholder or the insured must notify the company in writing without delay and obtain endorsement on the policy.
The surrender value is the amount paid if the contract is cancelled early. Unlike bank savings, insurance combines risk protection and savings: part of the premium is paid out as claims to other policyholders who suffer accidents, and part covers the insurer's operating expenses, so the surrender value on early cancellation may be less than the premiums paid, or nil.
Except as provided by law, the insurer and N2N Insurance Brokerage do not collect, use, inspect or provide personal data related to this contract — for its conclusion, maintenance and claim payment — without the consent of the policyholder, the insured or the beneficiary. However, for those purposes the insurer may, with the consent of the policyholder and the insured and in accordance with law, provide personal data to other insurers and insurance-related bodies.
The above is a summary and excerpt of the policy wording; for grounds on which claims are not paid and other details, please refer to the policy wording and product description.
Common situations in lift operation — a five-scenario self-check
The Elevator Safety Management Act makes it mandatory for a lift's managing body to take out accident-liability insurance.
A lift accident at a high-traffic facility can cause large-scale casualties, so the managing body's liability burden is heavy.
Mechanical-parking lifts carry accident risks such as vehicle entrapment and falls, and can be covered under the same wording.
Freight elevators and automated-warehouse lifts also carry worker- and cargo-accident risk and are within cover.
Accidents such as door entrapment, falling objects and being trapped can lead to the managing body's inspection and management responsibility.
After a lift accident the managing body tends to see it as “the user being careless, striking the door,” but a court also examines whether the managing body met its periodic-inspection and safety-management duties. For accidents such as door entrapment, a falling ceiling fixture, being trapped by a power failure, or a vehicle caught in a mechanical-parking lift, it is not unusual for the managing body's inspection and management responsibility to be partly recognised even where the user was at fault. Elevator accident liability insurance is cover the managing body must hold under the Elevator Safety Management Act, and it covers liability for the bodily and property loss a user suffers in a lift accident.
Source: (standard insurance-textbook scenario)
The wording and structure points decision-makers most often overlook
The compulsory limit set by the Elevator Safety Management Act is a minimum. High-traffic facilities should also consider an excess-loss endorsement to prepare for a major accident.
Building mechanical-parking lifts and freight elevators and lifts also carry lift-accident risk. Check that every lifting installation you operate is within cover.
Under the Elevator Safety Management Act the duty to insure falls on the “managing body.” Where this is unclear due to outsourced management or leasing, cover can be missed, so identify the party with contractual management responsibility first.
The questions asked most when considering elevator accident liability insurance
Under Article 30 of the Elevator Safety Management Act, a lift's managing body must take out liability insurance to guarantee compensation for loss caused to others by a lift accident.
User bodily loss — death, permanent disability, treatment costs — and property loss such as damage to property or vehicles from a lift accident (door entrapment, falls, falling objects, being trapped by a power failure) are covered. The exact scope should be checked in the wording.
Accidents at a building's mechanical-parking lift or parking tower can be covered under the same wording. Check at application that all lifting installations you operate — freight elevators, lifts, etc. — are within cover.
The compulsory limit set by law is a minimum. A major accident at a high-traffic facility can exceed it, so it is usual to also consider an excess-loss endorsement.
Under the Elevator Safety Management Act the duty to insure falls on the lift's “managing body.” Where this is unclear due to outsourced management or leasing, cover can be missed, so identify the party with contractual management responsibility first.
The insurer calculates it based on the number and type of lifts, the facility's use and user volume, the limit and endorsement structure, and past accident history. The exact premium and terms are confirmed after underwriting by insurers such as AIG, Chubb, DB, Hyundai, KB and Meritz.
