Controversy Over Animal Transport Insurance

In Panama, the livestock sector is opposed to regulations which, from December 28, will require special insurance to be taken out for damages to third parties when transporting livestock overland.

Wednesday, December 6, 2017

The main complaint of livestock farmers is the cost overrun that this new insurance will imply, since according to estimates made by the union, once Law 51 enters into force, "...Moving 20 cattle from the province of Darién to Las Tablas would cost $400."

In addition, they state that the Institute of Agricultural Insurance (ISA) is not the most appropriate entity to issue the policies, because it does not have the necessary experience or statistics on the insurance market and traffic accidents. reports that "...The insurance in question in an extra cost, because all of the vehicles destined to be used to transport cattle are duly covered by policies that cover all type of risk, not only of the vehicle, said Aquiles Acevedo, president of the National Association of Graziers (Anagan)."

"... The regulations propose that the cost of the premium be 2% of the value of the animal. Moving 20 cattle from Darién to Las Tablas would cost $400, Acevedo said."

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