In a bid to implement the policy of registering vehicles for third party insurance Nyala Insurance S.C. (NISCO) registered 10,000 vehicles in the last three months, Capital learnt.
According to NISCO, in addition to providing the third party insurance policy at all its branches, Nyala has also fitted one of its branch with trained personnel fully equipped with the necessary additional equipment that serves exclusively third party insurance coverage to facilitate and expedite the registration process.
“Nyala has as well delegated, exclusively, a crew at its Africa Avenue Branch incurring additional costs to comfortably handle third party cases in a fast and speedy manner. That helped NISCO to register fairly a good number of third party insurance seekers,” Eyob Meherette CEO of Nyala said.
The special crew for the third party insurance policy cases was designated for many reasons. “That site is very much accessible to all our clients. There is no problem with parking. Due to this we were able to entertain a large number of people in that office. What made this crew different is that they were totally solicited to issue third party policies while the other 20 or so branches operate for both the usual class of business coupled with the third party insurance registration.NISCO never intended to only give the service in one office,” Tegegne Masresha, NISCO marketing and customer service officer said.
Nyala noted that in carrying out this policy it incurred additional costs in terms of logistics, space, machines, and human resources. But they are encouraged because they did all these things in order to fulfill the realization of the act and assure its purpose. It is NISCO’s policy to work towards guaranteeing the safety and the security of the general public. Having a motto that says “Your seal of Protection” Nyala is marching along the valuable and insured partners.
As the proclamation 559/2008 article 37 indicates, when the registration allotted period of three month comes to an end, all vehicles owners who don’t have third party insurance stickers affixed on their car front shield will face fines of 5,000 birr or up to two years imprisonment. The deadline fixed by the IFO – Insurance Fund Office – is today, December 11. All insurance companies have been busy trying to serve their clients and meet the deadline. In some of these offices there was no space to park your vehicle to get your third party insurance sticker as the companies were swarmed by insurers.
To buy the premium the minimum total cost is 537 birr for vehicles less than 1600cc and used for private purpose and the maximum total amount is 4,510 birr for NPR, FSR, and FVR model vehicles which are believed to be the most accident prone.
The fund office made clear that the current premium amount paid for the insurance will be valid for one year only.
The insurance office told Capital that in total 438,150 stickers and certificates have been issued to 13 insurance companies. Among this the Ethiopian insurance corporation (EIC) has taken the majority.