OREANDA-NEWS. February 29, 2012. Today AccessBank announced that it has launched a new service for vehicle owners: offering mandatory insurance policies. AccessBank will not obligate its clients to purchase policies from one specific insurance company, but offers clients a free choice of policies from three leading insurance companies of Azerbaijan. Customers will be able to select and obtain a policy quickly in any AccessBank branch across the country.

This new service is being introduced in association with the new Law of Azerbaijan Republic on “Mandatory insurance” of January 1, 2012. This law includes a more comprehensive and efficient system on mandatory insurance of vehicle owners’ third party liability, providing coverage for any third parties that may be involved in accidents caused by the vehicle owner. The cost of the insurance is dependang on the engine size and ranges from AZN 50 to 250 for individuals and AZN 60 to 300 for legal entities. According to the law, the maximum amount of insurance coverage per each insured accident is AZN 50,000.

Andrew Pospielovsky, General Manager of AccessBank commenting on the launch of the new service said: "Many banks and insurance agents offer customers the policies of only one specific insurance company. At AccessBank, customers are free to choose a policy from three leading insurance companies, and simultaneously benefit from the excellent customer service offered by AccessBank staff".