A DB comprehensive corporate insurance covering fire risk, machinery loss and various liabilities in a single policy. A standard package for SME/mid-sized sites — factories, marts, restaurants, cafés, offices.
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.
A DB comprehensive corporate insurance covering fire risk, machinery loss and various liabilities in a single policy. A standard package for SME/small-business sites — factories, marts, restaurants, cafés, offices.
Building/facility/stock loss from fire (incl. lightning) + loss-prevention, debris-removal, subrogation-preservation costs.
At least one of gas-accident, commercial or product liability must be combined.
Sudden-accident machinery loss — employee carelessness, design defect, electrical accident.
Simpler management and renewal than several separate policies.
SME manufacturing with high electrical/gas/machinery risk.
F&B with kitchen-fire and exhaust-duct fire risk.
Stock fire, theft and customer-accident risk.
Office space, small buildings, service-industry facilities.
| SME factory (site valued 3bn) | Limits: fire 3bn / machinery 500m / commercial liability 1bn · key: fire (essential) + commercial liability + machinery |
|---|---|
| Restaurant (one store 500m) | Limits: fire 500m / commercial liability 500m / product liability 100m · key: F&B package |
| Mart / retail (stock 1bn) | Limits: fire 1bn / commercial liability 1bn · key: stock + facility liability |
Figures above are sum-insured (cover-limit) design examples, not premiums. (General industry example)
| Policy period | 1 year (renewable) |
|---|---|
| Insurer | DB |
| Structure | Fire (essential) + at least one liability + machinery (optional) |
| Turnaround | 2–5 business days |
| 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; 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.
SME value-for-money standard — five areas
SME shops and stores. A fire/theft/BI standard combination area.
Small manufacturing and craft shops. A single-site standard cover area.
SME workshops. A standard fire/machinery cover area.
SME wholesale/retail. A stock + facility standard combination.
SME consulting/professionals. An office-asset + commercial-liability combination.
An SME wholesale/retail site insured under Excellent suffered a night fire, with facility/stock loss and about two weeks of business interruption. Under the standard cover package the facility/stock were reviewed within the standard limit, and BI was handled separately within the daily limit + indemnity period. But the part where stock exceeded the standard limit was settled as own burden — the increase in stock value from turnover growth had proceeded without a limit-adjustment review, creating a cover gap. A case showing that, to run a value-for-money standard package properly, re-assessing the asset value at each renewal is key.
Source: (General industry example)
The wording and structure points decision-makers most often overlook
Excellent's limit is standardised, so as assets/turnover grow with the business a limit-shortfall risk arises. Re-assessing the assets and reviewing the limit at each renewal is essential, and beyond a certain scale a switch to ordinary package is recommended.
Even in a standard package, some cover — storm-flood, earthquake, cyber — is not automatic and needs a separate endorsement. Missing the endorsement matched to the site's risk exposure creates a post-accident cover gap.
Excellent's BI indemnity period is usually short (e.g. 3–6 months), so a long stoppage from a fire exceeds the limit. Estimate the site restoration period in advance to adjust the BI period or review a combination with ordinary package.
The questions decision-makers ask most when considering DB Excellent Comprehensive insurance
It is the area where SME and small-business sites enrol as a value-for-money standard package. It suits single sites, small facilities, SME manufacturing, wholesale/retail and professional services, distinct from the large-company standard property all-risks area.
Usually combined as standard: (1) fire/lightning/explosion asset loss, (2) storm-flood natural disaster (endorsement), (3) theft, (4) business-interruption (part BI) and (5) commercial/facility liability. The split between automatically included and separate-endorsement cover differs by wording.
Excellent is a value-for-money package standardised for the SME/small-business area, with a lower premium but a narrower cover limit and scope than ordinary package. It suits sites below a certain turnover/asset level; on growth, a separate-wording combination or a switch to ordinary package should be reviewed.
Small sites — small shops, small manufacturing/workshops, wholesale/retail, professional services — are the core area. A site of modest turnover gains management efficiency from a standardised cover package, with a simplified enrolment process too.
As Excellent's limit is standardised, a cover gap can arise where the site's actual asset value or BI turnover exceeds the standard limit. On turnover/asset growth, a limit adjustment or a switch to ordinary package / property all-risks is recommended.
Stock is included in the standard cover but with a set limit, and machinery wear / electrical accident is separated into the machinery-breakdown area. The per-asset-type limit and exclusions should be checked in advance.
The insurer assesses it on the site scale, sector (small shop, small manufacturing, wholesale/retail, professional service), asset value, fire-risk grade, turnover and past incident history. The exact premium and acceptance are confirmed after underwriting by insurers such as AIG, Chubb, DB, KB, Meritz and Hyundai.
