A statutory compulsory liability policy under which operators of EV charging facilities (rapid and slow) are covered for liability for third-party bodily injury or property damage from accidents during charging. The insurance duty has been strengthened by amendments to the Eco-Friendly Vehicle Act and the EV charging-facility safety rules.
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A statutory compulsory liability policy for operators of EV charging facilities (rapid and slow), covering liability for third-party bodily injury or property damage from accidents during charging. The insurance duty has been strengthened by amendments to the Eco-Friendly Vehicle Act and the electric-vehicle charging-facility safety rules.
100+ households, mixed rapid/slow.
Large operators with a nationwide network.
Charging facilities inside high-footfall sites.
| Limit | KRW 500m per accident / KRW 1bn aggregate |
|---|---|
| Key endorsements | Battery thermal-runaway extension |
| Limit | KRW 3bn per accident / KRW 10bn aggregate |
|---|---|
| Key endorsements | Multi-site + simultaneous-accident extension |
| Limit | KRW 1bn |
|---|---|
| Key endorsements | In-car-park accident extension |
The scenarios above are illustrative; limits and endorsements are designed per the facility and risk. (General industry example)
| Battery thermal runaway | ESS-linked charging |
|---|---|
| In-car-park accident | Accident while parked, not charging |
| Loss during installation/works | Construction of a new charging station |
| Fire liability | Third-party harm in a large fire |
| Simultaneous accidents | Chain fire across multiple vehicles |
| Policy period | 1 year (compulsory renewal) |
|---|---|
| Insurer | Hyundai |
| Limit | Statutory minimum or practical recommendation |
| Turnaround | Apartment/single site 2–4 business days / nationwide network 1–2 weeks |
| Legal basis | Eco-Friendly Vehicle Act, Electric Utility Act, Multi-Family Housing Management Act |
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; on this page, see the “Cover” tab(or the “Losses not covered” section) for the main exclusions. 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.
Under Article 59-4(1) of the Income Tax Act (special tax credit), for protection-type insurance taken out by an employee only, a tax credit of 12% of the premium paid (capped at KRW 1 million per year) is available. Tax matters may change with amendment or repeal of the relevant tax law.
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.
Risk patterns that come up often on EV-charging sites — a five-scenario self-check
The Eco-Friendly Vehicle Act and related law make insurance for charging-accident liability compulsory for EV charging operators.
The body owning and managing charging facilities in a complex or building also bears liability for charging accidents and the duty to insure.
Chargers at facilities used by many people can produce large-scale personal and vehicle loss in an accident.
Rapid-charging equipment carries electrical-accident risk from over-current, over-voltage and electric shock, and needs separate safety management.
A fire or explosion from vehicle-battery thermal runaway during charging is a major risk for a charging-facility operator.
When an accident happens during EV charging, responsibility is not simple. A vehicle fire or explosion during charging, an electrical accident such as electric shock or leakage, cable/connector breakage, an over-current supply from equipment malfunction, the collapse or fall of charging-facility structures — accidents arising from the operation and management of the charging facility lead to the operator's liability. But there is a boundary. Loss originating from a vehicle's own manufacturing defect is the manufacturer's product liability (PL) area, not charging-facility liability, and accidents that occur while the safety-management duty is breached — such as a missed periodic inspection — are within the exclusions. The starting point is that EV charger liability insurance addresses "accidents in operation and management".
Source: (General industry example)
The wording and structure points decision-makers most often overlook
Even in a vehicle fire during charging, if the cause is the vehicle's own manufacturing defect it is the manufacturer's product liability (PL) area. EV charger liability covers accidents in the operation and management of the charging facility.
Accidents that occur while the safety-management duty is breached, such as a missed periodic inspection, are excluded. Apart from the insurance, the electrical-safety inspection and periodic-inspection requirements must be met.
Who bears the insurance duty — the charging operator or the building/complex management body — differs by facility type. Check the ownership and operation structure of the charging facility first.
The questions decision-makers ask most when considering EV charger liability insurance
The Eco-Friendly Vehicle Act, together with the Electric Utility Act and the Electrical Safety Management Act, make insurance for charging-accident liability compulsory for EV charging operators and the parties managing charging facilities. The criteria differ by facility type, so confirm against the relevant legislation.
It covers bodily injury and property damage, and defence costs, from a vehicle fire or explosion during charging (battery thermal runaway), electrical accidents such as electric shock or leakage, cable/connector breakage, over-current or over-voltage from equipment malfunction, and the collapse or fall of charging-facility structures.
Loss originating from a vehicle's own manufacturing defect falls under the manufacturer's product liability (PL), not charging-facility liability. EV charger liability covers accidents in the operation and management of the charging facility.
Exclusions include the policyholder's intent, accidents while the safety-management duty is being breached (such as a missed periodic inspection), the user's reckless or wilful operation, operation in breach of the Electric Utility Act, and war/nuclear.
The party bearing the insurance duty differs by facility type — the charging operator, or the building/complex management body (such as the residents' representative council). Check the ownership and operation structure of the charging facility first.
The insurer assesses it on the number and type of chargers (rapid/slow), equipment capacity, facility use and scale of usage, the limit, the periodic-inspection and maintenance system, and past incident history. The exact premium and acceptance terms are confirmed after underwriting by insurers such as AIG, Chubb, DB, KB, Meritz and Hyundai.
