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Way paved for Brazilian auto insurance to be recognized in Guyana

Dec 23, 2017 News

Government is moving ahead with forging closer ties with neighbouring Brazil.

Minister of Finance, Winston Jordan, recently signed an order that will allow Guyana to recognize auto insurance from Brazil. That will, of course, will only happen once insurance companies here sign the relevant agreements with Brazilian companies that will allow for settlements if there are accidents.

According to the Official Gazette dated December 13, 2017,  under the Motor Vehicles Insurance (Third Party Risks) Act, the order is being cited as the Motor Vehicles Insurance (Third Party Risks) (Agreement between Guyana and Brazil) order 2017.

According to the order, “the civil responsibility insurance covered by the insurance companies of the country of the origin shall be valid, once they have agreements with insurance companies of the other country for the liquidation of the payment for claims in accordance with the laws of each country.”

In the agreement with Brazil, there are provisions under the third party insurance.

For example, the damages to third persons not being transported (pedestrians etc), for death and injury, is US$7,500 per person; with material damages of US$6,000 per person.

For death and personal injury, it is US$45,000 per accident with material damages of up to US$36,000 per accident.

For damages to passengers, the insurance company can pay up to US$7,500 for personal injury.

Passengers are, however, only entitled for up to US$500 for material damages.

The maximum that can be paid out per accidents for passengers is US$75,000.

The third party insurance change would come as Guyana continue to explore ways to work with Brazil, a nation that is heavily industrialized, with oil and manufacturing being their major strengths.

This week, President David Granger led a team that included three ministers to that neighbouring country. It was agreed that the Brazilian army will be training their Guyanese counterparts to drill wells for the drought-prone Region Nine area.

Guyana and Brazil are also looking to speed up the building of the Linden-Lethem road which would link the two countries via the Takutu River Bridge.

Guyana also has trade agreements with Brazil. There are an estimated 3,000-plus Brazilians living and working in Guyana from the gold bush to commerce.

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