Compulsory liability cover, under the Excursion Ship and Ferry Business Act, for operators of excursion ships (fishing boats, sightseeing boats) and ferries (link boats, shuttle boats) against liability for accidents to passengers during operation. Essential for operators on rivers, lakes and coastal areas.
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.
Compulsory liability cover, under the Excursion Ship and Ferry Business Act, for operators of excursion ships (fishing boats, sightseeing boats) and ferries (link boats, shuttle boats) against liability for accidents to passengers. Essential for operators on rivers, lakes and coastal areas.
Rocky-shore and near-sea fishing trips.
River and lake sightseeing.
Link and shuttle boats.
Moored commercial vessels.
| Fishing-boat special cover | Separate application of the Fishing Vessels Act |
|---|---|
| Tour multi-boarding | Groups on large sightseeing boats |
| Policy period | 1 year |
|---|---|
| Insurer | KB |
| Limit | Statutory minimum (fixed sum per person + per accident) |
| Turnaround | 1–2 weeks |
| Channel | Individual consultation with our broker (010-5755-6465) |
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.
Risk patterns that come up often in excursion-ship and ferry operation — a five-scenario self-check
A fishing boat carrying passengers bears passenger-accident risk such as falls and drowning.
A sightseeing boat carrying many passengers can produce large-scale harm in an accident.
A ferry that regularly carries passengers is also exposed to passenger-accident risk during operation.
A moored commercial vessel also bears accident risk in the boarding and alighting process.
Excursion-ship and ferry operators are required by the relevant law to hold insurance for passenger-accident liability.
Pleasure-boat operator liability insurance is insurance for operators of excursion ships such as commercial fishing boats and sightseeing boats, and ferries such as link and shuttle boats, to compensate accidents to passengers during operation. Unlike ordinary protection and indemnity (P&I), it is distinctive in being specialised for small commercial boats operating on inland waters and coastal areas and for protecting their passengers. It covers a passenger's fall, drowning or injury, loss of belongings, passenger harm from a collision or grounding, and accidents at the pier before or after boarding. But operating over the passenger capacity, forcing departure despite a weather warning, and accidents in a state where life jackets were not distributed or worn are within the exclusions. Compliance with safe-operation requirements is the premise of cover.
Source: (General industry example)
The wording and structure points decision-makers most often overlook
Accidents from operating over the passenger capacity, or forcing departure despite a weather warning, are excluded. Cover is maintained only by keeping the safe-operation requirements.
Cover can be limited for an accident in a state where life jackets were not distributed or worn. Operating the life-saving equipment is the premise of cover.
Fishing boats are subject to the Fishing Vessels Act and other separate law, so the applicable law and cover design differ by vessel type. Confirm exactly which vessel type you operate.
The questions decision-makers ask most when considering pleasure-boat operator liability insurance
It is insurance for operators of pleasure boats (commercial fishing boats, sightseeing boats) and ferries (link boats, shuttle boats) to compensate accidents to passengers during operation. It covers a passenger's fall, drowning or injury, loss of belongings, and harm from collision or grounding.
Where protection and indemnity (P&I) addresses broad liability across a ship's operation, pleasure-boat liability is specialised for small commercial boats operating on inland waters and coastal areas and for protecting their passengers.
Exclusions include operating over the passenger capacity, forcing departure despite a weather warning, accidents in a state where life jackets were not distributed or worn, and a passenger's self-harm under the influence of alcohol or drugs.
Accidents at the pier before or after boarding can be within the cover. The specific scope should be checked in the wording.
Fishing boats are subject to the Fishing Vessels Act and other separate law, so the applicable law and cover design differ by vessel type. Check whether the special cover matches the vessel type you operate.
The insurer assesses it on the vessel's capacity and operating days, the operating waters, the limit and endorsement structure, 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.
