Insurance in Nicaragua

The Importance of Insurance in Nicaragua

Insurance in Nicaragua is the contract by which a person is obliged by a prize, to respond to the risks and damage by accident could suffer other kinds of 3539C.

Insurer is responsible for damages and secured an obligation to pay the premium and acquires the right to compensation under 3540C. This Agreement is constituted by public deed and if it relates to real estate must register 3541C. Insurer's obligation includes only goods and events specifically identified in the Contract 3547C.

Nicaragua has a Social Security Institute (INSS)

Insurance in Nicaragua - As at 2005 we had a variety of insurance types: that related to a Construction site, derived total Group Life, Contractor Equipment, Bonding, Liability, All Risks of Construction All Risk Installation, Family Plan (pro-life Insurance), Home Insurance, Personal Accident Insurance, Fire All Risks Insurance, Your Health, Auto Insurance, Individual Life Insurance, Insurance ProHogar, Proauto Insurance, Cargo Insurance, etc. Culture by buying insurance grew stronger as the economy was growing, but in 2007 began to decrease.

Insurance in Nicaragua - There are a variety of Insurances and Insurance companies. Today as INISER, INSURANCE AMERICA, Metropolitan Security for Purchaser's choice and for greater reliability, the companies listed above are authorized by the Superintendency of Banks and Other Financial Institutions (SIBOIF).

These are some of the choices in the market for insurance to guarantee their investment, as these companies charge for the sale of these are registered.

On a personal level the only compulsory insurance is car insurance for damage to third parties.

Health insurance had previously been victims of fraud by the Insured, so as of July 10 this year (2007) in our Penal Code that regulated a penalty for bilking the insurance, according to Article 231cp.

Here's a complete information is valid for any insurance company that insured you like to do before an accident for example:

Policyholder Behavior

The insurer may not order the repair of the insured vehicle without prior inspection and approval of the Company.

The insurer may not allow total or partial responsibility, or compromise, or make promises to pay, or pay any amount, without the prior written consent of the Company.

Failure of the above, relieve the Company of the obligations arising from this policy.

Deductible and Coinsurance

Deductible: The amount the Insurer agrees to pay each and every one of the casualties suffered by the insured vehicle

Coinsurance: The percentage of each loss or damage which the insured takes his own, in every one of the casualties suffered by the insured vehicle.

The insured pays the deductible or coinsurance (whichever is greater) at the time of your repair order.

Help to process your automobile claim here is some information you may need.

In the 3 days or the day you first acquired the knowledge of the loss or deemed loss, the insured must notify the Company in writing on forms for this purpose is. Insurance in Nicaragua - In case of theft and other criminal acts should be reported immediately in writing to the competent authority, sending the Insured certification of the complaint to the Company.

In Case of Liability must be executed immediately, as soon as the Insured has become aware of the existence of the incident which caused injury, including death of others or damage to property of others, even if he or the driver is not considered fault. Insurance in Nicaragua - The lack of notice of loss within the period aforesaid, shall hold the Company.

Claim Procedure

For the processing of claims the insurance must be current in payment of premiums

Payment Claim

The presentation of the documents does not represent any payment obligation of the Company, and compliance with prevailing Insured of the General Conditions, Particular and debts of the Auto Policy.

Auto Claims

Documents:

The Insured agrees to deliver to the Company's Certification of Traffic Police to find the intervention of the authority and any other documents or proof that request, and any judicial ruling that it may determine liability.

All documents required by the Company. The insured must be submitted within 30 days following the occurrence of the accident or within the Company specifically been granted in writing.

Failure to submit this documentation on time, free from any liability to the Company. Also, the company must send immediately upon receipt, any claim, certificate, subpoena or order relating to any claim that was filed against him or the Company.

Complete documentation

The insured will deliver at the time of the incident the following documents:

1. Official notice signed by the insured accident and the driver of the vehicle (72 hours)
2. Traffic Original Certificate / Report
3. Circulation Photocopy Card
4. If circulation is not a named insured, a copy of the deed of sale
5. Photocopy of Drivers License (if he was fined, a copy of the ballot)
6. Copy of Certificate of the Insured or RUC in case of legal persons

1. If the insured vehicle is over three years old must complete and sign chosen workshop format selected by the insured and bring the budget of labor and selected parts of the workshop.
2. If the vehicle is three years or less must submit labor and parts budget from an auto-body shop.

Inspections are preformed by Insured Vehicle Inspection Metropolitana. Should the vehicle be in-operable the company should be notified and indicate the address of the vehicle location to make the inspection of the vehicle.

As in any country understand this article is for general information purposes only to help you get a flavor for what may or may not be in existence legally in Nicaragua. Insurance in Nicaragua - As always this is in no way legal advice and you are not to take it as such. You are urged to seek appropriate licensed legal counsel to advise and guide you on laws in Nicaragua.

Insurance in Nicaragua continues to grow and evolve.

Car Ownership in Nicaragua

Nicaragua Commercial Leases

Nicaragua Residential Lease

IMPORTANT LAWS IN NICARAGUA: Part A

IMPORTANT LAWS IN NICARAGUA: Part B