Insurance Policies

The procurement of vehicle insurance and personal accident insurance for transportation for INATEC CENTRAL and Technological Centers for one year.

Monday, November 8, 2021

El Salvador Government Purchase TR-LPI-PRIDESII-192-LPI-O-MINSAL:

"In Nicaragua, there are plans to purchase insurance policies for vehicles to have insurance cards and Personal Accident Transport (APT).

The service is for a vehicle fleet of 310 vehicles and 1,675 passengers.

The insurance policy includes automobile damage and third-party liability, personal transportation accidents for a one-year term (February 25, 2022 to February 24, 2023).

With policy per passenger of $3,500, medical expenses 20% over the sum insured for accidents.

Among some of the coverage for own damages and third party liability, it covers collisions and accidental overturns, auto ignition, fire, partial or total theft, glass breakage, malicious damage, towing.

More information in the tender."

Deadline to receive bids: December 6, 2021.

See tender.

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Doubts Over Compulsory Insurance in El Salvador

June 2011

The insurance industry has expressed concern about the new compulsory insurance for traffic accidents in the absence of information about the project.

Raul Betancourt, director of the Salvadoran Association of Insurance Companies (ACES in Spanish), said that since they submitted a draft to the Deputy Minister of Transport (which defined coverage, scope, limitations and benefits), about six months ago, there has not been any further contact with the entity.

Accident Insurance in El Salvador

May 2011

The rating agency Fitch Ratings highlighted the benefits and cautioned about the risks of introducing compulsory insurance for traffic accidents.

An insurance analyst from the rating agency Eduardo Recinos, argues that the new product range, which will be accessible on a massive scale, will impact positively on the growth of the sector.

Changes in the Costa Rican insurance industry

May 2008

Legislation to end an 84-year insurance monopoly in Costa Rica recently received first reading in the Legislative Assembly. The bill includes several important changes for the insurance industry.

It would allow insurance operations to be carried out by approved companies, including cross-border insurance for several cases regulated by the legislation.

Salvadorian Banks: Fitch Annual Review & Outlook

April 2008

El Salvador's banking system exhibited moderate growth in 2007, primarily aided by a continued increase in consumer loans and mortgages, as well as faster commercial loan growth, according to a Fitch special report published today, titled 'Salvadoran Banks: Annual Review and Outlook'.

In 2007, El Salvadoran banks' total assets expanded by 11.4% in nominal terms (5.8% in real terms), while overall net profits declined by 12.4%, due to higher provisions. Additionally, non-performing loans increased to 2.1% of total loans as of December 2007 (versus 1.9% in 2006), despite significant non-performing loans throughout 2007. However, loan loss reserves appear to be adequate and relatively stable in terms of both non-performing loans (120%) and total loans (2.5%).

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