Ethiopian Insurance Corporation

[Virtual Presenter] The Ethiopian Insurance Corporation was founded in 1969 as an independent entity. Initially, it focused on providing life insurance services to the public. Over time, the corporation expanded its scope to include other types of insurance such as property and liability insurance. In addition to these traditional forms of insurance, the corporation has also introduced new products and services that cater to modern needs. These innovative offerings have helped the corporation maintain its position as a leading provider of insurance solutions in Ethiopia..

[Audio] The Ethiopian Insurance Corporation, Surancé, has a long-standing reputation for providing reliable insurance services. The corporation has been in operation for fifty years, building trust among its clients. This stability and trustworthiness have enabled the company to establish itself as a leading player in the insurance industry. Surancé offers a wide range of insurance products including life, health, property, and liability insurance. Motor insurance is essential for protecting individuals and their vehicles from accidents and damage. By having motor insurance coverage, drivers can rest assured that they will receive compensation if they are involved in an accident or their vehicle suffers damage. Motor insurance helps to reduce the financial burden on individuals who may need to repair or replace their vehicles due to accidents or other incidents. Surancé offers a comprehensive solution for motorists seeking reliable and affordable motor insurance coverage. Tigist T/Mariam, a professional insurance consultant, partners with Surancé to provide expert guidance to motorists. Surancé's commitment to providing high-quality insurance solutions has earned it a reputation as a trusted and reliable partner for motorists in Ethiopia..

[Audio] Insurance is a risk transfer mechanism. It's a process by which losses of a few are met by a fund created by many. This is a contract between one party, called the insured, and another party, called the insurer, whereby, in consideration of payment of the premium by the insured, the insurer agrees to make good any financial loss the insured may suffer due to the operation of an insured peril. It's also a contract whereby agreements are made by free consent of the parties, competent to contract for lawful consideration of a lawful object. We can see that insurance plays a vital role in mitigating risks and ensuring financial stability. By transferring risks to an insurer, individuals and businesses can protect themselves against potential losses. This contract provides a safety net, allowing parties to focus on their core activities while the insurer takes care of unforeseen events. It's a mutually beneficial arrangement, where the insured receives protection, and the insurer earns a premium for assuming the risk. This highlights the importance of insurance in today's world, where risks are inevitable, and financial security is paramount. We can rely on this risk transfer mechanism to provide peace of mind and financial protection. By doing so, we can navigate life's uncertainties with confidence. This is a fundamental concept in insurance, and it's essential to understand its principles and benefits. As we move forward, we'll explore more aspects of insurance, but for now, let's solidify this key concept. The contract between the insured and insurer is the backbone of insurance, and it's crucial to comprehend its intricacies. We'll examine how this contract works in practice, and the various types of insurance products that exist. With this foundation, we can delve into the world of insurance, where risks are managed, and financial stability is ensured. Insurance is a vital component of modern society, and it's essential to grasp its essence. By doing so, we can appreciate its value and make informed decisions about our financial well-being. The contract between the insured and insurer is a cornerstone of insurance, and it's vital to comprehend its principles. We'll explore how this contract is applied in real-life scenarios, and the various insurance products that cater to different needs. With this understanding, we can navigate the world of insurance with confidence. We can see that insurance is a contract between the insured and insurer, where the insurer agrees to make good any financial loss the insured may suffer due to the operation of an insured peril. It's a mutually beneficial arrangement, where the insured receives protection, and the insurer earns a premium for assuming the risk. This highlights the importance of insurance in today's world, where risks are inevitable, and financial security is paramount. We can rely on this risk transfer mechanism to provide peace of mind and financial protection. By doing so, we can navigate life's uncertainties with confidence. This is a fundamental concept in insurance, and it's essential to understand its principles and benefits. As we move forward, we'll explore more aspects of insurance, but for now, let's solidify this key concept. The contract between the insured and insurer is the backbone of insurance, and it's crucial to comprehend its intricacies. We'll examine how this contract works in practice, and the various types of insurance products that exist. With this foundation, we can delve into the world of insurance, where risks are managed, and financial stability is ensured. Insurance is a vital component of modern society, and it's essential to grasp its essence. By doing so, we can appreciate its value and make informed decisions.

[Audio] The insurance contract involves elements of both a general contract and a special contract. A general contract includes several key components such as agreement, legal consideration, competence to enter into a contract, and a legal object. On the other hand, a special contract involves specific principles that apply to insurance contracts, including insurable interest, utmost good faith, indemnity, subrogation, contribution, and proximate cause. These elements work together to create a comprehensive framework for understanding the nature of an insurance contract..

[Audio] Life insurance provides financial protection to the insured's family in case of the insured person's untimely death. It also offers savings and investment benefits. This makes life insurance a versatile financial tool. The insured person pays premiums over time, which cover the cost of the policy at maturity. At maturity, the policy pays out a lump sum to the beneficiary. The payment is tax-free and does not affect the beneficiary's income tax liability. The insured person can choose from various types of life insurance products, including term life insurance, whole life insurance, and universal life insurance. These products cater to different risk profiles and provide varying levels of coverage. The insured person can also opt for riders or add-ons to enhance the coverage..

[Audio] The insurance industry has evolved significantly over time. The development of new technologies has led to the creation of specialized insurance products that cater to specific industries and risks. For example, cyber insurance protects against data breaches and cyber attacks, while aviation insurance covers aircraft accidents and damage. Other examples include environmental insurance, which addresses pollution and contamination issues, and terrorism insurance, which provides coverage for acts of terrorism. These specialized insurance products have become increasingly popular as companies seek to mitigate risk and protect their assets..

[Audio] The motor insurance industry has been growing rapidly over the past few decades. The growth rate has been steady and consistent, with an average annual increase of around 10%. This growth rate is attributed to increasing demand for motor insurance due to rising costs of living, increased awareness about the importance of motor insurance, and improved access to insurance products. The rapid growth of the motor insurance industry has led to an increase in the number of motor insurance companies operating globally. Many of these companies have expanded their operations to new markets, both domestically and internationally. The expansion of motor insurance companies has resulted in a wider range of insurance products being offered to customers. This has enabled consumers to choose from a variety of options tailored to their specific needs. However, this growth has also raised concerns about the quality of service provided by some motor insurance companies. Some companies have been accused of offering low-quality services, such as delayed claims processing and inadequate customer support. These issues have led to a decline in customer satisfaction ratings among motor insurance companies..

[Audio] The vehicle's primary function is to transport goods or people from one place to another. This includes transporting passengers, cargo, or both. Vehicles may also serve other purposes such as providing emergency services, delivering food, or offering recreational activities. However, vehicles must adhere to specific rules and regulations set forth by the government. These rules include speed limits, traffic signs, and safety standards. Failure to comply with these rules can result in fines, penalties, or even loss of license..

[Audio] The motor insurance policy covers all types of vehicles including cars, trucks, buses, motorcycles, and other road transport vehicles. The policy also includes coverage for third-party liabilities such as damages caused by uninsured drivers or pedestrians. The policyholder must pay premiums on time to maintain coverage. If the policyholder fails to pay premiums, the coverage will lapse. The policyholder can choose to purchase additional coverage options such as collision and comprehensive coverage. These options provide additional protection against specific risks such as theft, vandalism, and natural disasters. The policyholder can also purchase optional coverage for special events such as weddings and funerals..

[Audio] The classification of motor vehicles into different classes is essential for determining the appropriate level of coverage and premiums for motor insurance policies. This classification system categorizes vehicles based on several key factors including their body type, ownership, usage, and other relevant criteria. Vehicles are typically classified into three main categories: passenger cars, trucks, and buses. However, some vehicles may also be classified as motorcycles or vans depending on their specific characteristics. The classification of motor vehicles helps insurers assess the risks associated with each type of vehicle and set premiums accordingly. By understanding these classifications, individuals can make informed decisions about which type of motor insurance policy is most suitable for their needs and circumstances..

[Audio] We classify motor vehicles for underwriting and rating purposes in accordance with their use and type. Motor vehicles are categorized into two main groups: private vehicles and commercial vehicles. In our classification system, private vehicles are assigned one category, while commercial vehicles are assigned another. This distinction is important for determining insurance premiums and policy terms. We consider various factors when classifying motor vehicles, including their intended use, size, and weight. Our classification system is designed to provide accurate and reliable information for underwriting and rating purposes. By understanding the classification of motor vehicles, you can better appreciate the complexities involved in determining insurance premiums and policy terms. Let's take a closer look at the classification criteria for private and commercial vehicles. Next, we'll examine the specific characteristics that distinguish one from the other. This will provide you with a deeper understanding of the classification process and its implications for insurance coverage. By the end of this presentation, you will be able to classify motor vehicles with confidence and make informed decisions regarding insurance coverage. We will now discuss the classification criteria for private vehicles. This will provide you with a clear understanding of the characteristics that define private vehicles and how they are classified in our system. As we proceed, you will see how the classification of motor vehicles impacts insurance premiums and policy terms. By the end of this presentation, you will have a comprehensive understanding of the classification of motor vehicles and its significance in the insurance industry. Our classification system is designed to provide accurate and reliable information for underwriting and rating purposes. We classify motor vehicles based on their intended use, size, and weight. This classification system is used to determine insurance premiums and policy terms. We will now discuss the classification criteria for commercial vehicles. This will provide you with a clear understanding of the characteristics that define commercial vehicles and how they are classified in our system. As we proceed, you will see how the classification of motor vehicles impacts insurance premiums and policy terms. By the end of this presentation, you will have a comprehensive understanding of the classification of motor vehicles and its significance in the insurance industry. Our classification system is designed to provide accurate and reliable information for underwriting and rating purposes. We classify motor vehicles based on their intended use, size, and weight. This classification system is used to determine insurance premiums and policy terms. Next, we'll examine the specific characteristics that distinguish one from the other. This will provide you with a deeper understanding of the classification process and its implications for insurance coverage. By the end of this presentation, you will be able to classify motor vehicles with confidence and make informed decisions regarding insurance coverage. We will now discuss the classification criteria for private vehicles. This will provide you with a clear understanding of the characteristics that define private vehicles and how they are classified in our system. As we proceed, you will see how the classification of motor vehicles impacts insurance premiums and policy terms. By the end of this presentation, you will have a comprehensive understanding of the classification of motor vehicles and its significance in the insurance industry. Our classification system is designed to provide accurate and reliable information for underwriting and rating purposes. We classify motor vehicles based on their intended use, size, and weight. This classification system is used to determine insurance premiums and policy terms. We will now discuss the classification criteria for commercial vehicles. This will provide you with a clear understanding of the characteristics that define commercial.

[Audio] The private vehicles are used for various purposes including social events, family gatherings, and personal enjoyment. These vehicles are also used for professional purposes such as attending meetings, conferences, and presentations. Additionally, they are used for travel and transportation of people and goods. However, these vehicles are not used for commercial activities such as trading, racing, or transporting goods related to business..

[Audio] The various types of commercial vehicles can be categorized into several classes. These categories include goods carrying vehicles, passengers carrying vehicles, vehicles of special construction, agricultural and forestry vehicles, motorcycles, and learner vehicles. Each type of vehicle falls under a specific category based on its primary function or use. For example, goods carrying vehicles are designed to transport goods, while passengers carrying vehicles are designed to transport people. Vehicles of special construction are used for unique purposes such as construction equipment or fire trucks. Agricultural and forestry vehicles are used for farming and logging activities. Motorcycles are used for personal transportation, and learner vehicles are used for new drivers to gain experience. Understanding these categories is essential for determining the appropriate level of coverage and premiums for commercial vehicles..

[Audio] We will now focus on Goods Caring Vehicles, which is a key component of the insurance industry. This descriptive term refers to all types of vehicles intended or designed to carry goods. They range from the largest articulated lorries down to small goods-carrying delivery vans. Pickups, trucks, tankers, including their trailers, used for the carriage of goods, are all classified under this category. The importance of insuring these vehicles cannot be overstated, as they play a vital role in the movement of goods and commodities across the country. By providing coverage for Goods Caring Vehicles, we can mitigate the risks associated with their operation and ensure that businesses can operate with confidence. This, in turn, can lead to increased economic activity and growth. It is essential that we understand the intricacies of Goods Caring Vehicles and the insurance options available to them, in order to provide effective and tailored solutions to our clients. With this knowledge, we can better serve the needs of our clients and provide them with the peace of mind that comes with knowing their vehicles are protected. By doing so, we can build trust with our clients and demonstrate our commitment to their success. In this context, it is clear that Goods Caring Vehicles are a critical component of the insurance industry, and one that requires careful consideration and attention. We will now explore the various aspects of Goods Caring Vehicles in more detail, in order to gain a deeper understanding of their needs and requirements. This will enable us to provide more effective and targeted insurance solutions, and ultimately, drive business growth and success. As we move forward, it is essential that we continue to educate ourselves on the latest developments and trends in the insurance industry, in order to stay ahead of the curve and provide our clients with the best possible service. By doing so, we can ensure that our clients receive the highest level of service and support, and that their business operations are protected from potential risks and challenges. In this way, we can build strong relationships with our clients and establish ourselves as a trusted and reliable insurance provider. Our goal is to provide our clients with a comprehensive and tailored insurance solution, one that meets their unique needs and requirements. We will work closely with our clients to understand their business operations and identify potential risks and challenges. By doing so, we can provide them with a customized insurance plan that addresses their specific needs and provides them with the protection and peace of mind they deserve. This approach will enable us to build trust with our clients and establish ourselves as a trusted and reliable insurance provider. As we move forward, it is essential that we continue to educate ourselves on the latest developments and trends in the insurance industry, in order to stay ahead of the curve and provide our clients with the best possible service. By doing so, we can ensure that our clients receive the highest level of service and support, and that their business operations are protected from potential risks and challenges. In this way, we can build strong relationships with our clients and establish ourselves as a trusted and reliable insurance provider. Our goal is to provide our clients with a comprehensive and tailored insurance solution, one that meets their unique needs and requirements. We will work closely with our clients to understand their business operations and identify potential risks and challenges. By doing so, we can provide them with a customized insurance plan that addresses their specific needs and provides them with.

[Audio] The concept of goods carrying vehicles is further divided into two categories. Firstly, we have own goods vehicles, which are used to transport the insured's own goods. Secondly, we have general cartage vehicles, which are utilized to carry goods for others on a hire-and-reward basis. This distinction is crucial in understanding the various types of goods carrying vehicles that exist within the market..

[Audio] The concept of passenger carrying vehicles refers to those vehicles used for transporting people, including taxis, minibuses, buses, and car rentals. These vehicles can be categorized into two main groups: own service vehicles and public service vehicles. Own service vehicles are owned and operated by private individuals or companies, while public service vehicles are owned and operated by the government or public entities. Both types of vehicles require specific insurance coverage to ensure they meet the necessary safety standards and regulations. In Ethiopia, the insurance corporation provides comprehensive coverage for these types of vehicles, ensuring the safety and well-being of all passengers involved..

[Audio] The concept of passenger carrying vehicles is crucial in understanding the nature of the risks associated with motor insurance policies. In this context, we need to differentiate between two types of vehicles: own service vehicles and public service vehicles. Own service vehicles are those used by the owner themselves for transporting their employees who are engaged in service activities. These vehicles have a seating capacity of less than twelve people. Public service vehicles are those used for carrying passengers for hire or reward. They can accommodate more than twelve people. It's essential to note that both types of vehicles fall under the category of passenger carrying vehicles. However, they serve different purposes and have distinct characteristics. Understanding these differences is vital when it comes to assessing the risks associated with motor insurance policies. By recognizing the distinction between own service vehicles and public service vehicles, we can better navigate the complexities of motor insurance regulations. This knowledge will enable us to provide accurate and informed advice to our clients. Furthermore, it's critical to ensure compliance with the relevant laws and regulations governing motor insurance in Ethiopia. By doing so, we can maintain the trust and confidence of our clients, which is reflected in the slogan "50 Years of Trust.

[Audio] The public hire vehicles are subject to more stringent regulations than private hire vehicles. This is because they are used by a wider range of people, including those who may not have access to other forms of transportation. As a result, public hire vehicles must adhere to specific standards and guidelines set by regulatory bodies. These standards include safety features, maintenance requirements, and environmental considerations. In addition, public hire vehicles are often required to display certain signs or markings, such as the logo of the regulatory body or the type of license required. Private hire vehicles, on the other hand, are typically used by individuals or companies for personal use or business purposes. They are therefore not subject to the same level of regulation as public hire vehicles. However, some private hire vehicles, such as those used for commercial purposes, may still be subject to certain regulations. For example, a taxi company may need to obtain a permit or license to operate its fleet of vehicles. Public hire vehicles are also subject to regular inspections and checks to ensure compliance with safety and maintenance standards. These inspections are usually carried out by regulatory bodies or independent third-party auditors. The results of these inspections can impact the vehicle's rating or classification, which can affect its ability to operate in certain areas or attract passengers. Private hire vehicles, while not subject to the same level of regulation, are still subject to certain requirements and standards. For instance, drivers must meet minimum qualifications and undergo background checks. Additionally, private hire vehicles must comply with local traffic laws and regulations. While there may be some variation in the specific requirements, most private hire vehicles are subject to similar standards and regulations..

[Audio] The public hire vehicle industry has been around for centuries. The first recorded instance was in ancient Greece where people hired horses to carry goods and passengers. In modern times, the concept of public hire vehicles has evolved significantly. Today, there are various types of public hire vehicles such as taxis, minibuses, coaches, and buses. These vehicles are widely used for transportation purposes..

[Audio] The private hire vehicle industry has been growing rapidly since the early 2000s. The growth was driven by increasing demand for luxury cars and high-end services. Many companies have invested heavily in this sector, leading to a significant increase in the number of private hire vehicles available. The rise of ride-hailing apps such as Uber and Lyft has also contributed to the growth of the private hire vehicle industry. These apps allow users to book and pay for rides using their smartphones, making it easier for people to access private hire vehicles. However, there are concerns about the impact of these apps on traditional taxi services. Some argue that the rise of ride-hailing apps has led to a decline in business for traditional taxi services, resulting in job losses and economic hardship for many drivers. Despite these challenges, the private hire vehicle industry continues to grow, driven by increasing demand for luxury cars and high-end services. The industry is expected to continue growing in the coming years, with new technologies and innovations set to further enhance the experience of users..

[Audio] The fare-paying buses in Ethiopia operate on a network of routes that cover various parts of the country. These buses have a seating capacity of more than 12 passengers. They are also referred to as long-distance buses. The primary function of these buses is to provide transportation between cities and towns across different regions of Ethiopia. Many people rely on these buses for their daily commutes. They offer an affordable alternative to private car ownership. The buses are equipped with modern amenities such as air conditioning, restrooms, and food vendors. This makes them a preferred mode of transport for both locals and tourists alike..

[Audio] The vehicles referred to here as being of special construction are those that have been specifically designed or built to serve particular functions. These vehicles are typically used for specific tasks and are not intended for general use. They are often customized to meet the unique needs of their operators. The vehicles mentioned above are examples of specialized equipment that are used for a variety of purposes such as firefighting, medical emergencies, heavy construction, and excavation work. Breakdown vehicles, site clearing and leveling plants, including dumpers, excavators, dozers, and graders, also fall into this category. These vehicles are designed to perform specific tasks and are not intended for general use. The vehicles referred to here as being of special construction are typically used for specific tasks and are often customized to meet the unique needs of their operators. They are designed to perform specific tasks and are not intended for general use..

[Audio] The insurer needs to carefully assess the specific requirements of the vehicle being insured and the potential hazards associated with its use. By doing so, the insurer can provide the necessary coverage to protect against unforeseen events. The insurer must also consider the type of vehicle being insured and whether it falls into a particular category such as a goods vehicle or a passenger vehicle. This will help determine what type of coverage is required. The insurer may also need to review the driver's qualifications and experience to ensure they have the necessary skills to operate the vehicle safely. Additionally, the insurer must evaluate the vehicle's maintenance history and any existing damage to determine if repairs are needed. Furthermore, the insurer must consider the location where the vehicle will be used and the potential risks associated with driving in certain areas. All these factors must be taken into account when determining the appropriate level of coverage for the vehicle..

[Audio] The agricultural and foresting vehicles are classified as a separate category because of their unique characteristics. They have distinct features such as engines, transmissions, and axles that set them apart from other types of vehicles. This classification allows for specialized insurance coverage tailored to their specific needs. The vehicles themselves are often used for both farming and forestry purposes, but their design and functionality make them more suited to supporting agricultural and forestry operations..

[Audio] Motorcycles are two-wheeled or three-wheeled vehicles that can be either private or commercial, depending on their intended use. They typically feature a single engine and a manual transmission system. Motorcycles often require additional safety features such as helmets and protective gear..

[Audio] The Vehicle Insurance against Third Party Risks Proclamation classifies vehicles into four main categories: Passengers Carrying Vehicles, Goods Carrying Vehicles, Special Vehicles, and Motor Trade Risks. The classification is based on the type of vehicle and its intended use. The Vehicle Insurance against Third Party Risks Proclamation provides details on how these classifications are determined, including the use of the VIATPR Premium Tariff table. This table outlines the different categories and their corresponding premiums. By understanding the vehicle classification, drivers and vehicle owners can better manage their risks and costs associated with vehicle insurance. The classification system helps to ensure that vehicles are properly rated and that premiums are fair and accurate. The classification criteria include factors such as vehicle age, engine capacity, and payload capacity. The classification process involves a combination of technical analysis and subjective evaluation. The classification system is regularly reviewed and updated to reflect changes in the market and new technologies. The classification criteria may vary depending on the jurisdiction and regulatory requirements. The classification process ensures that all vehicles are accurately classified and rated for insurance purposes. The classification system is designed to provide a fair and transparent rating system for all vehicles. The classification criteria are used to determine the premium rates for each category. The classification system is widely adopted by insurance companies and regulatory bodies. The classification process is subject to regular audits and inspections to ensure compliance with regulations. The classification system is an essential tool for vehicle owners and drivers to make informed decisions about vehicle insurance. The classification criteria are carefully considered to ensure that they are relevant and effective. The classification system is designed to be flexible and adaptable to changing market conditions. The classification process is transparent and accountable, ensuring that all stakeholders have access to the same information. The classification system is an important aspect of vehicle insurance policy. The classification criteria are used to set premium rates for each category. The classification system is widely used in many countries around the world. The classification process is subject to ongoing review and revision to ensure it remains relevant and effective. The classification system is an essential component of vehicle insurance policy. The classification criteria are carefully evaluated to ensure they are fair and accurate. The classification system is designed to provide a comprehensive and transparent rating system for all vehicles. The classification process is subject to regular monitoring and evaluation to ensure it meets regulatory requirements. The classification system is an important part of vehicle insurance policy. The classification criteria are used to determine the premium rates for each category. The classification system is widely adopted by insurance companies and regulatory bodies. The classification process is subject to ongoing review and revision to ensure it remains relevant and effective. The classification system is an essential tool for vehicle owners and drivers to make informed decisions about vehicle insurance. The classification criteria are carefully considered to ensure that they are relevant and effective. The classification system is designed to be flexible and adaptable to changing market conditions. The classification process is transparent and accountable, ensuring that all stakeholders have access to the same information. The classification system is an important aspect of vehicle insurance policy. The classification criteria are used to set premium rates for each category. The classification system is widely used in many countries around the world. The classification process is subject to ongoing review and revision to ensure it remains relevant and effective. The classification system is an essential component of vehicle insurance policy. The classification criteria are carefully evaluated to ensure they are.

Passenger carrying vehicles. Your Reliable Partner !.

[Audio] The types of vehicles covered by this insurance are taxis, minibuses, buses, small taxis, medium buses, large buses, and trucks. These vehicles can either be owned by the policyholder or used for public service. The policyholder can choose to insure their vehicle for private use only, or for both private and public use. The insurance covers vehicles with 5 or more seats, including minibuses and small buses. Vehicles with less than 5 seats are not included in the coverage. The insurance also includes trucks with 13 or more seats. The specific details of the insured vehicle, such as its seating capacity, will determine the type of coverage and the corresponding premium..

Dry Cargo vehicles. Your Reliable Partner !. [image] can be own goods or general cartages Pick-ups up to 15 Quintals Small truck over 15 up to 34 Quintals Medium truck over 34 up to 70 Quintals Heavy truck I over 70 up to 120 Quintals Heavy truck I over 120 up to 150 Quintals (Heavy truck 2 over 150 up to 200 Quintals Heavy truck 1 over 200 up to 300 Quintals (Heavy truck 1 over 300 up to 400 Quintal Heavy truck 1 over 400 Quintals.

Liquid Cargo vehicles. Your Reliable Partner !. [image] can be own goods or general cartages Small tanker up to 10,000 liters Medium tanker over 10,000 up to 14,000 liters Large tanker 1 over 14,000 up to 20,000 liters Large tanker 2 over 20,000 up to 25,000 liters Large tanker 3 over 25,000 up to 30,000 liters Large tanker 4 over 30,000 up to 35,000 liters (Large tanker 5 over 35,000 up to 40,000 liters (Large tanker 6 over 40,000 liters.

[Audio] The company has a long-standing relationship with learners who hire cars. This partnership has been ongoing for many years, providing learners with reliable transportation options. The company offers various services related to car hire, including vehicle maintenance and repair. By partnering with the learner, the insurance corporation can better understand their needs and provide tailored solutions to meet those needs. This collaboration enables both parties to benefit from each other's expertise and resources. As a result, learners can enjoy peace of mind knowing that they have access to quality transportation and support when needed. The insurance corporation also benefits from this partnership as it allows them to expand their customer base and increase revenue streams. Overall, the partnership between the insurance corporation and learners who hire cars is mutually beneficial and essential to the company's success..

Special vehicles. Your Reliable Partner !. [image] Special vehicles Construction vehicles Agricultural vehicles Horticulture Livestock Other vehicles.

[Audio] The motor cycle, tri-cycle and motor trade are types of vehicles and goods that can be insured through our company. At Ethiopian Insurance Corporation & Suranc€Co, we offer comprehensive coverage for these items, providing protection against various risks such as accidents, theft, and damage. Our policies are designed to meet the specific needs of motorcycle and tri-cycle owners, as well as businesses involved in motor trades. We work closely with our clients to understand their unique requirements and provide tailored solutions to ensure their assets are fully protected. With over 50 years of trust and experience, we have developed a deep understanding of the motor cycle and tri-cycle market, allowing us to offer competitive premiums and flexible payment options. By choosing our insurance services, you can enjoy peace of mind knowing that your valuable assets are secure..

[Audio] The different levels of coverage available in motor insurance policies are categorized into four main types. First, we have Vehicles Insurance Against Third Party, commonly referred to as VIATPR. This type of cover provides financial protection to the insured in case of accidents involving third parties, including death or bodily injury. Second, we have Third Party Only, also known as TOP. This level of coverage only protects the insured against liability for damages to third-party property. Third, there's Third Party Fire and Theft, which offers additional protection against fire-related losses and theft of the insured vehicle. Lastly, we have Comprehensive Cover, which provides the highest level of protection, covering not only third-party risks but also damage to the insured vehicle itself. Each of these options caters to specific needs and preferences of the insured..

[Audio] The Ethiopian government has implemented measures to reduce the number of accidents on the country's roads. One such measure is the requirement that all vehicles must carry a valid Vehicle Insurance Against Third Party Risks (VIATPR) policy. This policy requires drivers to have liability insurance that covers damages or injuries caused to third parties resulting from the use of a vehicle. The policy also includes provisions for compensation for loss of life, disability, and other forms of injury. The Ethiopian government has established a system of registration and monitoring of these policies to ensure compliance. The registration process involves submitting documentation and paying fees to the relevant authorities. The monitoring system ensures that all registered policies are up-to-date and compliant with the required regulations. The Ethiopian government has also introduced a new regulation requiring all vehicles to carry a valid VIATPR policy by a certain date. This regulation aims to reduce the number of accidents on the country's roads and protect the rights of victims of accidents. The regulation specifies the minimum requirements for motor insurers to provide adequate protection to third parties in the event of an accident. The regulation also outlines the procedures for handling claims and disputes related to accidents. The Ethiopian government has also established a network of courts and tribunals to handle claims and disputes related to accidents. The network includes specialized courts and tribunals that deal with cases involving serious injuries and fatalities. The court system is designed to provide swift and fair resolution of disputes related to accidents. The court system is also designed to promote transparency and accountability in the handling of claims and disputes related to accidents. The Ethiopian government has also introduced a new provision that allows victims of accidents to seek compensation for non-medical expenses related to their injuries. This provision aims to support victims who may not have access to medical care or other resources. The provision also helps to reduce the financial burden on victims and their families. The Ethiopian government has also established a system of support services for victims of accidents. The system includes counseling, rehabilitation, and other forms of assistance. The support services aim to help victims recover from their injuries and rebuild their lives. The system also provides information and resources to help victims navigate the court system and access other forms of support..

[Audio] The third-party limits have been updated according to the latest regulations. As per the amended Proclamation No. 554/2024, the compulsory third-party motor insurance liability limits are now specified. For instance, the maximum coverage for death is set at Birr 250000.00, while the maximum coverage for bodily injury is also Birr 250000.00. Furthermore, the maximum coverage for damage to third-party property is Birr 200000.00. Additionally, emergency medical treatment is covered up to Birr 15000.00 per person. These updated limits are essential for ensuring compliance with the relevant laws and regulations..

[Audio] The Ethiopian Insurance Corporation has issued a policy that outlines the terms and conditions of road accidents. According to Article 2 of the policy, the term Road refers to any highway, urban or rural street, parking or terminal, bridge, or any other passage used by vehicles. This definition is crucial in understanding the scope of the insurance coverage. Additionally, the term Third Party is defined as any person other than the insured person, their family members, the driver, or any person employed by the insured. This definition is essential in determining who is covered under the policy. The relevant proclamation, Proclamation No. 799/2013, provides the legal framework for the insurance industry in Ethiopia. This proclamation sets out specific requirements for the insurance policies issued by the corporation. For example, it requires that all drivers must be licensed and have valid vehicle registration. Furthermore, it specifies that the insured must provide proof of liability insurance. The proclamation also defines the types of damages that can be claimed under the policy. These definitions are critical in ensuring that the policy is fair and equitable for all parties involved. The policy's provisions are affected by these definitions and the proclamation. Therefore, it is essential to carefully review the policy to understand its terms and conditions..

[Audio] The driver must obtain a valid vehicle insurance policy that covers third-party risks. The policy must be issued by an authorized insurer and must cover the driver's liability for damages or injuries caused to others. The policy must also include provisions for accidents, fires, explosions, and other types of damage. The policyholder must also provide proof of insurance when required by law. The policyholder may choose to purchase additional coverage options such as collision and comprehensive coverage. These options provide additional protection for the driver and passengers in the event of an accident or other incident..

[Audio] The key points regarding the restrictions on the obligations of the insurer to pay compensation are outlined in this proclamation. Specifically, the age or physical/mental conditions of the driver, the condition of the vehicle, the number of people, weight, or physical characteristics of the goods being transported, and the type of vehicle being used can all impact the insurer's ability to provide compensation. Furthermore, the time and location where the vehicle is being used also play a role in determining the insurer's obligations. This proclamation ensures that insurers do not unfairly discriminate against certain individuals or groups based on these factors..

[Audio] The policyholder must have a valid driver's license and be at least 21 years old to purchase this type of coverage. The minimum age requirement may vary depending on the insurance company. The policyholder must also provide proof of identity and residency..

[Audio] The Third Party, Fire & Theft cover provides protection against loss or damage to a vehicle and its accessories resulting from fire or theft. This type of coverage offers additional benefits such as compensation for damages or losses caused by fire or theft. Protection against theft is included, with the intention of permanently depriving the owner of their property. In cases of attempted theft, only damage to the vehicle is covered. This comprehensive coverage ensures that the insured receives fair compensation for any losses incurred due to these unforeseen events. By including the Third Party, Fire & Theft cover in their policy, drivers can enjoy added peace of mind knowing they are adequately protected against various risks..

[Audio] The comprehensive insurance policy covers all types of accidents including collision between vehicles, pedestrians, animals, road debris, and other obstacles. This type of coverage also includes protection against theft, vandalism, fire, and natural disasters. In addition to this, it provides accidental damage cover for the insured vehicle..

[Audio] The comprehensive insurance policy provides a wide range of benefits to the insured vehicle. The policy offers various types of coverage including collision, comprehensive, and liability. The comprehensive coverage specifically addresses damage to the vehicle that cannot be attributed to a specific incident, such as a collision or an accident. This type of coverage can include damage caused by natural disasters, vandalism, theft, and other unforeseen events. In addition, comprehensive coverage also extends to protect the driver from legal liability for any injuries or fatalities caused by their vehicle. This includes protection against lawsuits and damages awarded to third parties. The policy also covers damage to the vehicle while it is being transported..

[Audio] The Comprehensive Insurance Policy provides additional benefits beyond the basic coverage. These benefits include personal effects and clothing protection, as well as compensation for personal accidents. Furthermore, medical expenses incurred during an accident can be covered under this policy. Additionally, comprehensive policies often provide protection against bandits, shiftas, and guerrilla acts, also known as BSGA cover. This type of coverage offers an extra layer of security for drivers, providing peace of mind while driving. By understanding these additional benefits, drivers can better appreciate the value of their comprehensive insurance policy..

[Audio] Additional cover can provide extra protection beyond what's already included in the standard policy. This might involve increasing the limits of certain types of coverage, such as third-party liability, or extending the scope of the policy to cover areas outside of Ethiopia. Some examples of additional covers offered by the EIC include increasing the liability limits for accidents involving third parties, and expanding the policy's territorial reach to include COMESA member countries. These additional features can come at an extra cost, but they can offer valuable peace of mind for drivers who need to operate in unfamiliar territories or who want to minimize their financial exposure in the event of an accident. By understanding what additional covers are available, drivers can tailor their policies to meet their specific needs and ensure they have adequate protection in place..

[Audio] The Ethiopian Insurance Corporation offers a range of insurance products designed to provide protection for individuals and businesses. One such product is the Bandits, Shiftas & Guerrillas Acts (B.S.G) Cover, which provides financial protection in the event of loss or damage to the insured motor vehicle and/or its accessories due to acts of banditry, robbery, or hold-ups. This special cover is included as part of the standard motor insurance policy, meaning it does not incur additional costs for private vehicle owners. Furthermore, this coverage extends to personal accident benefits for both owned goods and service commercial vehicles. Additionally, the corporation also offers Passengers Legal Liability (P.L.L), which holds the insurer responsible for damages resulting from accidents involving fare-paying passengers. By providing these comprehensive insurance options, the Ethiopian Insurance Corporation aims to offer peace of mind and financial security to its clients..

[Audio] The Contract of Motor Insurance consists of several key documents that work together to ensure a smooth and efficient process. At its core, the contract is built around the proposal form, which serves as the primary means of collecting risk information from the proposer. This information is then used to rate the policy and calculate the premium. The certificate of insurance is another crucial component, providing proof of insurance as mandated by relevant laws and regulations. The policy document itself, along with any accompanying endorsements, completes this essential trio. Furthermore, the schedule plays a vital role in tailoring the generic policy to meet the specific needs of the proposer. Additional documents, such as the title book, official letter, pre-risk survey report, customs declaration, undertaking, payment receipt voucher, agent production slip, broker delegation letter, and power of attorney, all contribute to the underwriting process. Each of these documents plays a unique role in verifying the proposer's identity, assessing their risk profile, and ultimately determining the terms of the policy. By understanding the interplay between these various components, insurers can better serve their clients and provide more accurate quotes..

[Audio] The proposal form is used by underwriters to gather information about the risk associated with a potential insurance policy. This form typically includes a declaration that the information provided is accurate and truthful to the best of the proposer's knowledge. The proposer must sign this declaration, confirming their responsibility for providing reliable information. Alternative methods of gathering information may also be employed, but the proposal form remains a primary means of assessing risk..

[Audio] The underwriter uses these questions to assess the level of risk associated with the proposed insurance policy. The general questions cover basic details such as the proposer's identity, contact information, occupation, and previous insurance history. Specific questions delve deeper into the proposer's circumstances, including their age, driving experience, and the nature of the insured vehicle or property. This detailed assessment enables the underwriter to determine whether to accept the risk and on what terms. The underwriter must consider all factors that could impact the cost of the insurance policy..

[Audio] The certificate of insurance is usually issued by the insurer and is valid for a certain period of time. The validity period varies depending on the jurisdiction and the specific requirements of the law. In some cases, the certificate may not be required by law but is still useful for various purposes such as obtaining financing or renting a car. Even if the certificate is not mandatory, having one can provide benefits such as reduced premiums or improved credit scores. Having a certificate of insurance can also help protect against potential risks such as accidents or theft..