Property Insurance

It is type of insurance whichcover insured’s vehicle for loss or damage while it employed for various function of insured’s business and against liability of death or damage to property of third party.

NISCO will grant one of the three main types of policy cover under commercial lines based on category and nature of business the vehicle engaged in that includes:

• goods carrying vehicles: like trucks, tankers, trailer, either for own service or general public;
• passengers carrying vehicles: like pickups, vans or buses either on hire or reward for public or own service;
• specially designed types of vehicles; like garbage trucks, refrigerator holding vehicles and the like;
• agricultural vehicles like tractors, shovel  and the like;
• Motor vehicles under trade:

1.   Compulsory third party liability cover: 

Provide protection for insured’s liability arises due to lawful use of vehicle on which s/he is legally liable under Ethiopian law.

Exclusions

Some of the basic exclusions are damage or loss to:

1. insured motor vehicle;
2. property carried in or on insured vehicle
3. insured person or member of insured person’s family

2. Third party, fire and theft cover:

Provides cover while the vehicle used off the road and cause damage:

• to third party property caused by its lasful use;
• caused by external fire and fire resulted from wear and tear, mechanical or electrical failures or breakdown up on the vehicle itself;
• to  vehicle that is stolen and subsequently recovered in a damaged state and such theft claims are subject to a waiting period
• of consequential effects of internal fire to insured vehicle as well as third party property;

Exclusions

The basic exclusions are somehow similar to compulsory third party cover.

3. Comprehensive cover:

Provide cover to insured, in addition to covers provided either of the above liability type of cover, against accident on its vehicle and accessories caused by:

• Collision and overturning

• Malicious act;

• Fire, explosion, self ignition or lightning and burglary, house-breaking or theft

Exclusions:

Some of the basic exclusions are damage or loss:

1. caused by overloading or strain;

2. due to mechanical or electrical breakdown or failure of any part;

3. whilst insured vehicle tows mechanically disabled vehicle;