Insurance is a rapidly developing and changing industry all over the world. Taking into account the emergence of new risks in the rapidly developing world and the need to manage them, new types of insurance are created, and new programs are developed.
It is a relatively young type of insurance
'Provision of customs guarantee'.
What is a customs guarantee provision and what is it for?
According to the EAEU Customs Code, for long-term driving of vehicles registered outside the territory of the EAEU countries in the territory of the EAEU countries, there is a requirement to clear them from customs.
The agreement on the provision of a customs guarantee enables cars registered outside the territory to enter and drive for a long time in the Republic of Armenia without customs clearance.
What documents are needed to sign a contract?
To conclude the contract you need:
- The identity document of the owner of the motor vehicle,
- Vehicle registration certificate.
How much should one pay for the contract or what is the cost of the customs guarantee?
The tariff differs depending on the amount of the car's customs clearance and also on the fact that the contract is signed for some time. In any case, the tariff for one contract can never be less than 15 thousand drams.
Can subrogation be used here?
Yes, even in the case of this type of insurance, the insurance company has the right to apply a post-claim (subrogation), if, for example, the policyholder or his representative committed deliberate illegal activity aimed at causing the accident, or the policyholder provided intentionally unreliable information about the object of insurance, etc.
It is essential to familiarize yourself with your rights and obligations to avoid problems in the future.