A workers'-accident-specialised product covering the civil damages liability a shipowner (employer) bears for an occupational accident to a vessel-crew worker (seafarer) under the Seafarers Act. The seafarer version of ordinary industrial accident + excess compensation.
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 workers'-accident-specialised product covering the civil damages liability a shipowner (employer) bears for an occupational accident to a vessel-crew worker (seafarer) under the Seafarers Act. The seafarer version of ordinary industrial accident + excess compensation.
Cargo, passenger, container ships.
Fishing-vessel seafarers (separate fishing-vessel Act area).
Tugs, work vessels, barges.
| War / Piracy | War-waters extension |
|---|---|
| Fishing-vessel seafarer | Fishing-vessel Act link |
| Repatriation | Crew repatriation cost |
| Policy period | 1 year or voyage period |
|---|---|
| Insurers | AIG · Chubb · DB · KB · Meritz · Hyundai (compared) |
| Legal basis | Seafarers Act / Fishers' and Fishing Vessel Accident Compensation Insurance Act |
| Turnaround | 2–4 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; 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 in ship operation — a five-scenario self-check
Vessel-crew seafarers are under the Seafarers Act accident-compensation system, distinct from ordinary workers.
Fishing-vessel seafarers are separately under the Fishing Vessel Accident Compensation Act.
Special-vessel crews also bear on-board accident risk.
On a high-piracy/war-risk route, a separate War endorsement is needed.
Civil damages a seafarer/bereaved claims beyond the Seafarers Act compensation fall to the shipowner.
Seafarer accident compensation has a different system from ordinary workers. Where an ordinary worker is under the Industrial Accident Compensation Insurance Act, a seafarer is under the accident compensation (recuperation, sickness, disability, bereaved) set by the Seafarers Act, and a fishing-vessel seafarer is separately under the Fishers' and Fishing Vessel Accident Compensation Insurance Act. Seafarer workers' accident liability insurance covers this shipowner (employer) compensation liability under the Seafarers Act, and the civil damages a seafarer/bereaved claims for an on-board accident exceeding it. But the part already fully met by Seafarers Act compensation is excluded, and war/piracy risk is separately designed by a War endorsement.
Source: (General industry example)
The wording and structure points decision-makers most often overlook
This insurance covers the shipowner's compensation liability under the Seafarers Act and the civil-damages excess. The part already fully met by Seafarers Act compensation is excluded.
A fishing-vessel seafarer is separately under the Fishers' and Fishing Vessel Accident Compensation Insurance Act. Check the applicable system against the ship/seafarer type operated.
War/piracy risk is not base cover but separately designed by a War endorsement. Check its inclusion against the navigation waters.
The questions decision-makers ask most when considering seafarer workers' accident liability insurance
Separately from industrial-accident insurance, it covers the shipowner (employer)'s liability for the seafarer accident compensation (recuperation, sickness, disability, bereaved compensation) set by the Seafarers Act, and the civil damages for the excess.
An ordinary worker is under the Industrial Accident Compensation Insurance Act, while a seafarer is under the accident-compensation system set by the Seafarers Act. A fishing-vessel seafarer is separately under the Fishers' and Fishing Vessel Accident Compensation Insurance Act.
It covers a seafarer's death/missing compensation, injury/recuperation treatment cost, disability compensation, the employer's compensation exceeding the Seafarers Act, the civil damages for an on-board accident, and litigation/defence costs.
A seafarer's intent/self-harm, an accident under alcohol/drugs, statutorily unfit boarding, and the part already fully met by Seafarers Act compensation are excluded.
War/piracy risk is not base cover but is separately designed by a War endorsement. Check its inclusion against the navigation waters.
The insurer assesses it on the number and rank of seafarers, the ship type and route, the cover scope and limit, and past accident history. The exact premium and acceptance are confirmed after underwriting by insurers such as AIG, Chubb, DB, KB, Meritz and Hyundai.
