Extra Expense Insurance
Extra Expense Insurance covers unavoidable additional costs incurred following a compensable loss under Movable Asset Insurance.
The insurance is sold alongside Movable Asset Insurance, and the loss must be compensable under its terms. If so, the additional expenses the company incurs will be covered.
Information regarding the insurance
What type of insurance is this?
Extra Expence Insurance covers unavoidable expenses incurred from damages covered by Movable Asset Insurance.
What is covered? | What is not covered? |
|---|---|
| The insurance pays benefits for: | The insurance does not cover: |
Expences incurred if the company´s operations have to be moved to temporary premises due to fire, water damage or burglary. | Additional cost insurance does not cover loss of gross margin due to a shutdown of operations. |
Any limitations on what the insurance covers?
The insurance does not cover additional costs incurred due to strikes, lockouts, equipment malfunction or delays in resuming operations caused by lack of capital, renovations, expansion, or by order of the authorities.
Where is the insurance valid?
Extra expence insurance is valid in the location specified in the insurance policy.
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.