Carriers reject increase in compulsory insurance  

Freight companies in Nicaragua say with the introduction of new rates the cost of insuring a truck for damage by third parties has increased from $85 to $295.

Thursday, July 31, 2014

Between $45 million and $50 million more is the estimated amount that will have to be paid by freight business to ensure the trucks to comply with amendments to the Law for the Traffic Circulation Plan and Traffic Violations.

Marvin Altamirano, president of the Association of Freight Carriers of Nicaragua, told Elnuevodiario.com.ni that "... this will have negative repercussions for users of freight transport, as these costs will be passed on to consumers. 'We estimate that the State will receive between $45 million and $50 million just from the increase in the payment of this insurance.'"

"... According to Altamirano, Central American carriers will also be affected because they currently have to pay for insurance that costs $12 each time they enter the country, and the cost of this will also increase from Monday 4 August."



More on this topic

Transport: Delays Due to Truck Overhauls

July 2019

In Nicaragua, the guild of transporters reports that in the customs of the country is reviewed 40% of cargo trucks, a situation causing delays because the international standard is to inspect a maximum of 10% of units.

Managers of the Association of Nicaraguan Transporters (ATN) reported that since the beginning of the political and social crisis in the country in April 2018, the time for a truck to enter Nicaraguan borders has increased and carriers can spend up to a day.

Nicaragua: Favouritism in Puerto Corinto

September 2015

Albalinisa has been accused of apparently having more rights than others in using services at the port.

Business owners are complaining that "... 'Albalinisa always has priority, and drivers or carriers, even though they have their documentation ready, have to wait until they process the cargo of that company first', explained Marvin Altamirano, president of the Shipping Association of Nicaragua to Trincheraonline.com.

Guatemala: Less Cargo Transport Insurance

November 2014

Companies prefer to hire private guards or outsource transportation of goods instead of purchasing insurance, sales of which fell by 38% between January and October compared to to the close in 2013.

According to the American Federation for Transport (Fecatrans), only 20% of their members have insurance against damage, theft or loss, because it raises costs which must then be transferred to the final price, meaning that the majority only take out insurance for third party damage in order to keep prices at competitive levels.

Freight Rates Rise in Nicaragua

May 2012

Most shipping companies have agreed to pay carriers between $1.26 and $1.29 per kilometre as a re-adjustment.

After nearly a week of strikes, 10 of the 15 shipping companies operating in the country agreed to concede to the demands of freight carriers, and they will pay an adjustment per kilometre of between $1.26 and $1.29.

 close (x)

Receive more news about Insurance

Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.

Type in your e-mail address:

* Al suscribirse, estará aceptando los terminos y condiciones


Heavy Equipment: Reps Wanted

Recognized Brazilian company of backhoe loaders, telescopic, articulated and other types of cranes looking for companies interested in representing the brand and distributing their machinery in Central America and Mexico.
The company manufactures and sells telescopic,...

Stock Indexes

(Apr 6)
Dow Jones
-5.60%
S&P 500
-5.10%
Nasdaq
-5.64%

Commodities

(May 26)
Brent Crude Oil
36.74
Coffee "C"
106.60
Gold
1,704
Silver
17.455