Not a final offer

Somehow, I have a feeling that this figure is going to be adjusted over the weeks ahead (Yonhap):

Compensation measures are not yet clear. The warehouse, owned by the logistics company Korea 2000, is covered by a 15 billion won (US$16.3 million) insurance contract with South Korea’s LIG Insurance Co., Ltd., but the payment mostly applies for property damage rather than human casualties.

“It’d be impossible for each victim to be provided with more than 10 million won (US$10,600) for that kind of an insurance,” said an LIG official on condition of anonymity.

My first guess is that Korea 2000 will have to take a hit on the property damages in order to give more compensation to the families.

Any ideas from people who know more about such things is welcome.

This entry was written by Andy Jackson, posted on January 8, 2008 at 7:03 pm, filed under Korean Economy, South Korea. Bookmark the permalink. Follow any comments here with the RSS feed for this post. Post a comment or leave a trackback: Trackback URL.

4 Comments

  1. boshintang your flag
    Posted January 8, 2008 at 7:15 pm | Permalink

    Any ideas from people who know more about such things are welcome. ;-)

  2. SomeguyinKorea your flag
    Posted January 8, 2008 at 8:09 pm | Permalink

    I hope it’s over than 10 million won. I got over a million won from my own insurance policy when I was hospitalized for 3 days.

  3. SomeguyinKorea your flag
    Posted January 8, 2008 at 8:10 pm | Permalink

    Correction: drop the ‘than’.

  4. Andy Jackson your flag
    Posted January 8, 2008 at 9:38 pm | Permalink

    #1 Yeah.

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