While at the moment, South Korea seems to have flattened the curve since the outbreak first began in late January, the COVID-19 situation continues to evolve.
AMCHAM Korea hosted a morning webinar featuring partners from Shin & Kim on some of the most commonly asked questions they have been receiving from clients on the impact of COVID-19 on their business in Korea.
Our speakers have focused on key issues - as well as government measures & policies - relating to the:?
1) Real estate & hospitality sectors;
- Government Measures to Assist Landlords/Tenants?
Government orders premises to be closed or restricts use
Landlord voluntarily reduces rent (“Good Landlord Program”)
Other benefits / incentives
- Key Issues & Implications ? Real Estate?
Use of force majeure to terminate, delay or relieve performance obligations under a lease agreement
Other relevant statutory/legal rights
2) Insurance industry;
Global Impact on Lines of Insurance
Overview of Business Interruption Coverage
Exclusions to Business Interruption
The Korean “Package Insurance” Policy
Interruption of “Physical Damage”
Preliminary Korean Governmental Policy Statements
3) Labor & employment implications
- Key Issues & Implications Labor
Obligation to Prevent, Protect and Respond
Be Proactive by Checking Available Measures
- Manage Labor Cost
Government Measures for Employers/Employees