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Liberia launches Third Party motor vehicle Liability Insurance

By Jos Garneo Cephas
Transport Minister, Tornorlah Varplah, launching the compulsory Third Party Liability Insurance Scheme
Transport Minister, Tornorlah Varplah, launching the compulsory Third Party Liability Insurance Scheme

 
(mylbsonline.com/Liberia/ Oct. 10/ 2013)-Transport Minister, Tornorlah Varplah, has launched a Third Party Liability Insurance Scheme for motor vehicles and motor cycles in Liberia.

“The scheme is aimed at developing more effective partnership among the transport ministry, insurance companies and the transport unions,” Minister Varplah said.

“Such partnership would help control the increasing wave of road accidents".

He said: “The new initiative will transform the transport sector and put into place measures to protect road and vehicle users against accidents.”

Minister Varplah named pre-registration of vehicles and compulsory adherence to Liberia’s vehicle and Traffic laws as other measures to be instituted.

This means carrying two passengers in the front seats and four others in the back seats of taxis will now be abolished.

The Transport Minister noted: “The compulsory insurance scheme, before its implementation in January 2014, will go through aggressive awareness nation-wide in October, November and December, 2013.”

The revitalization of the Third Party Liability Insurance in Liberia was first introduced 20 years ago, but became dormant due to the civil war.

Minister Varplah launched the scheme Monday October 7, 2013 in Monrovia.

He also disclosed that in 2012, 29,000 car and pehn-pehn accident cases were recorded, out of which 132 deaths occurred.

“Covering the same period, death cases accounted for an overall average of 9,456 at the John F. Kennedy Teaching Hospital and other hospitals in Liberia,” he emphasized.  

“Most of these cases were given less attention by insurance companies, due to less financial capacity, while the victims, cars or motor cyclists owners couldn’t fully take responsibility of underwriting costs.”

Minister Varplah said: the new policy will identify potential insurers to help protect lives and properties in the country.

The president of the Association of Insurers in Liberia, Momo Fortune assured Government of the Insurance companies’ fullest compliance with the implementation of the new policy.

Currently 18 insurance companies, out of a total of 24, were certified by the Central Bank of Liberia (CBL) in June of this year after meeting the set threshold to operate in the country.

 


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