Insurance of the financial capacity of the carrier
The insurance is intended for transport companies operating domestic or international road transport by buses and trucks with a total weight of more than 3.5 tons, who are legally obliged to prove their financial capacity for proper operation of road transport pursuant to Section 4a of Act 111/1994 Coll. on road transport (does not apply to basic public transport).
Financial eligibility is demonstrated by business assets, the volume of available funds and working capital and reserves for 12 months of operation of at least EUR 9 000 if a single vehicle is used and EUR 5 000 for every other used vehicle. It is based on the register of reported vehicles at the Transport Authority. An alternative proof of eligibility, which is not so expensive, is the “Liability Agreement” concluded with the insurance company.
The insurance covers the insured's obligations not paid due to his insolvency (ie the inability to finance properly the start and / or operation of road transport).
Financial capacity must be maintained throughout the period of road transport. The carrier shall prove the duration of financial eligibility to the relevant Transport Authority for each calendar year by 31 July of the following year at the latest. If the carrier fails to prove its financial capacity to the locally competent Transport Authority, the concession authorizing it to operate the aforementioned transport will be withdrawn.
Eurovalley will be happy to provide you with a specific quote and arrange an insurance policy in case you do not want or cannot burden your company's development by creating reserves or other available funds in accordance with the legal requirements.