This is how the new terrorism insurance against cars and boats works

The Ministry of Transportation, headed by Ángela María Orozco, announced the issuance of a new terrorism insurance against automobiles and river vessels. According to the portfolio, the National Government, through the Ministry of Finance, contracted this policy to cover total or partial damages that land or river units may suffer.

Riots, riots, strikes, civil commotions and/or terrorism by subversive groups are some of the scenarios that will be covered by the policy. “The policy covers the events that occur on all national, departmental, urban, rural roads, while public service vehicles are providing the service, and will have coverage on the roads in charge of Invias and the ANI when they are not providing the service,” assured the Ministry of Transportation.

Regarding the coverage of the policy, when there are special circumstances determined by the Government, such as strikes, elections, demonstrations or situations of public order, special conditions will be applied to motivate the provision of the public service. Among them are the non-application of the deductible: losses will be recognized for 100% of the value. In addition, there will be coverage in parking lots or terminals for the vehicles that are going to provide the service.

In the case of automobiles, the company must pay compensation for total loss for damages during 30 days following the occurrence of the event through the following documents: proof of command of the armed forces; certificate of tradition stating the automotive registration; photocopy of the property card; photocopy of the criminal complaint; affidavit of the driver on the non-insurance of him with another company, among others.

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“The company will pay the compensation to which it is obliged within thirty (30) calendar days following the date on which the occurrence of the incident and the amount of the loss are accredited,” explained the Ministry regarding the partial loss due to damages.

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