Cost of the OSGO OG Policy
The cost of compulsory insurance of liability of carriers of dangerous goods is calculated taking into account the parameters of the transportation.
The law establishes that the amount of the insurance tariff for a specific cargo depends on the classification of the dangerous goods, the volume of transportation, the type of transport, and other factors affecting the potential damage and the likelihood of its occurrence.
What the Cost Depends On
The main parameters are:
- the class of dangerous goods;
- the carrying capacity of the vehicle;
- the type of transport;
- the volume of transportation;
- the term of insurance;
- other parameters provided for by regulatory acts.
How the Insurance Premium Is Calculated
The current regulatory framework provides that the annual insurance premium for one unit of a cargo vehicle is determined as the product of the base insurance tariff and the minimum amount of the sum insured.
In the version established by Resolution of the Cabinet of Ministers of the Kyrgyz Republic No. 200 of 8 April 2022, the base insurance tariff for all categories of vehicles is set at 0.2%.
Separate Contract for Transport
The regulatory rules provide for concluding a separate insurance contract for each cargo vehicle.
Why the Cost May Differ
The sum insured depends on the class of dangerous goods and the carrying capacity of the vehicle, so the cost of the policy may differ for different carriers.
Is there a single price for OSGO OG?
No. The calculation depends on the parameters of the specific transportation.
Does the class of dangerous goods affect the cost?
Yes.
Does the carrying capacity of the vehicle affect it?
Yes, it is taken into account when determining the minimum sum insured.
What base tariff is established?
In the current version of Resolution of the Cabinet of Ministers of the Kyrgyz Republic No. 113, as amended by Resolution No. 200 of 8 April 2022, the base tariff of 0.2% is specified
The specialists of the Closed Joint-Stock Insurance Company "ARSENAL-KYRGYZSTAN" are ready to advise you on any questions
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