This is an insurance for fishing vessels along with all their normal accessories, provisions and supplies.
What is covered? | What is not covered? |
|---|---|
| The insurance covers: | The insurance does not cover: |
Total loss, e.g., if the vessel is lost at sea or so badly damaged it cannot be salvaged or repaired. | Damage caused by material-, construction-, or repair flaws. |
Damage to certain parts of the main engine. | Damage caused by the ship being unseaworthy when it last left port. |
Damages due to burglary and vandalism the operator of the vessel is liable for according to Icelandic law. | Cleaning and painting of the ship‘s bottom. |
Salvage costs according to the provisions of maritime law. | Damage due to insufficient maintenance, rot, fatigue, corrosion, or wear. |
Compensation to a third party if a mistake in operating the vessel causes a collision. | Claims for damages made by a vessel‘s owner or operator. |
Fines and penalties. |
It is a condition for liability that navigation equipment, radio equipment, handline reels, and other loose equipment are removed from the vessel while it is on land or in port for a long time.
The insurance is valid while the vessel is inside the Icelandic fisheries jurisdiction and while it is sailing to and from ports in Europe.
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.