It is important that movable assets, such as catch and gear, not covered by the ship’s hull insurance are insured separately.
Other interests that may fall under the insurance, such as fishing gear, provisions, oil, lubricating oil, boxes, and crates, are only insured while onboard the ship. Fishing gear is never insured while in the water.
The insurance covers catch and fishing gear that is not covered by the vessel‘s hull insurance.
What is covered? | What is not covered? |
|---|---|
| The insurance covers: | The insurance does not cover: |
Total or partial loss if the ship runs aground, sinks, capsizes or is involved in a collision. | Damage due to changes in temperature, unless failure or shutdown of freezers lasts for at least 24 hours. |
Damage caused by fire. | Damage caused by nuclear power, ionising radiation, and radioactive materials. |
Damage to frozen products. |
Capelin and herring purse seines are not covered by the Catch and Gear Insurance but they can be insured separately with Purse Seine Insurance.
The insurance is valid while the vessel is inside Iceland‘s fisheries jurisdiction.
You must report any damage as soon as possible and no later than one year from the date of the damage.
You must ensure that all the information in the insurance policy is accurate.
You must inform us of any changes in your address, telephone number, and email address.
You must follow all the precautions in the terms of the insurance policy.
The premium must be paid on the due date. When the insurance policy is issued or renewed an electronic claim is created in your online bank. You have the option to distribute the premium payments by:
Credit card payment, where the premium is charged monthly to a credit or debit card.
Direct payment, where your bank account is debited monthly.
Corporate distribution, where the premium can be paid in monthly payments.
The insurance policy takes effect when an offer is accepted and is renewed annually until it is canceled.
Individuals and companies with fewer than five full-time positions can cancel the insurance at any time and it will expire at the end of the following month after the cancellation is received. Other companies can cancel their insurance one month in advance before the end of the insurance period.
The cancellation must be in writing, for example with an electronic signature.