Renewal of Property & Casualty Insurance Policy
Source: RNSRenewal of Property & Casualty Insurance Policy
Samsung Electronics Co., Ltd. (KS005930, KS005935, SMSN, SMSD) on May 27, 2020 announced that its Board of Directors has approved the renewal of the property and casualty insurance policy (package policy) from Samsung Fire & Marine Insurance Co., Ltd.
▫ Details
1. Effective date: August 1, 2020
2. Insurance premium: KRW 86.08 billion
3. Coverage period: August 1, 2020-August 31, 2021 (13 months)
4. Purpose: Purchase a package insurance policy to insure against risks such as fires, explosions, operational disruptions, etc., at SEC's business sites located in Korea.
5. Other Information
- This insurance covers damages or losses caused by the insured risks.
- Number of Independent Directors present at the BOD meeting: 6 (100%)
- Attendance of Audit Committee: Y
※ This public disclosure is in accordance with the Korean Fair Trade Act, which
mandates that a purchaser of an insurance policy disclose the purchase of the policy
in the event the transaction is worth more than KRW 5 billion and the insurance
company involved is the purchaser's financial affiliate.
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