Carrier’s Financial Stability
Why do I need it?
This insurance is required following amendments to Ordinance No. 11/31.10.2011 regarding international road transport of cargo and passengers, promulgated in the State Gazette on 18.11.2011.
The policy should be signed in relation to the need to prove the financial stability of every sole proprietor or company which owns and/or applies for a Community licence and certified copies of the licence issued by the Minister of Transport or an official authorised by the Minister of Transport (Pursuant to Art. 2, Para. 1 of Ordinance No. 11/31.10.2002 regarding international cargo and passenger transport).
Who is insured?
The insured under this type of insurance is every sole proprietor or company engaged in international transport of cargo and passengers.
How is the sum insured determined?
The sum insured is determined by the insured but it must not be smaller than the total amount of capital the carrier should hold, which, in turn, could not be smaller than the amount set in Art. 6 of the Draft Ordinance.
What is the policy period?
The period of the insurance coverage should be 1 (one) year.