Hull and Machinery Insurance for Smaller Fishing Vessels
Information regarding the insurance
What type of insurance is this?
The insurance covers open fishing boats and recreational craft 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 the vessel during launch or retrieval. | Damage caused by the boat being unseaworthy when it last left port. |
Cost of salvage and measures to prevent damage. | Damage caused by bumping up against a boat, ship, or pier, unless it involves a direct collision. |
Damage caused by burglary and vandalism. | Indirect damage, such as loss of catch or costs caused by delays. |
The owner‘s liability according to Icelandic law. | Claims for damages made by a vessel‘s owner or operator. |
Any limitations on what the insurance covers?
The insurance does not cover damage caused by war, riots, civil unrest, strikes or other similar events.
Where is the insurance valid?
The insurance is valid while the vessel is inside Iceland‘s fisheries jurisdiction.
What responsibilities do I have?
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.
When and how do I pay the premium?
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.
When does the insurance start and when does it end?
The insurance policy takes effect when an offer is accepted and is renewed annually until it is canceled.
How do I cancel the insurance?
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.