Seoul, district governments to each cover 40% of premiums

Up to 268,960 won per store annually

Property damage and third-party liability covered

[Provided by Seoul Metropolitan Government]
[Provided by Seoul Metropolitan Government]

The Seoul Metropolitan Government will cover up to 80 percent of fire mutual-aid premiums for traditional market vendors, leaving merchants responsible for only 20 percent of the cost. With that contribution, vendors can receive coverage for property damage — including their stores, facilities and products — as well as liability for damage caused to neighboring stalls.

Seoul announced Sunday that it had notified merchants of the traditional market fire mutual-aid enrollment support program and urged their active participation.

The fire mutual-aid scheme has been in operation since 2021. Vendors who pay just 20 percent of the premium are covered for fire-related property losses as well as third-party liability for damage to neighboring stores.

Seoul and each district government each cover 40 percent of the premium, providing up to 268,960 won ($203) per store annually. For example, a vendor enrolling in a property-damage coverage plan worth 100 million won would face an annual premium of 336,200 won, but would pay only 67,240 won out of pocket. That figure already includes fire liability coverage as a special rider.

Eligible participants are vendors operating in certified or registered traditional markets in Seoul under the Special Act on the Promotion of Traditional Markets and Shopping Districts. Qualifying stores can enroll at a reduced rate for property-damage coverage ranging from 10 million won to 100 million won, along with the fire liability rider.

Merchants wishing to enroll can apply online through the traditional market fire mutual-aid website or visit their local Small Enterprise and Market Service office for guidance from a dedicated consultant. Seoul also plans to offer on-site enrollment consultations at the Seoul Market Fair, which runs through Sunday at Cheonggyechang Plaza.

"Traditional markets have densely packed stalls, so even a small fire can deal a devastating blow to vendors' livelihoods," said Park Gyeong-hwan, director of Seoul's People's Livelihood and Labor Bureau. "We hope more merchants will sign up for fire mutual aid to prepare for unexpected losses and continue their businesses with greater peace of mind."


ken@heraldcorp.com