Traffic Insurance for Heavy Machinery
Traffic Insurance for Heavy Machinery covers liability damage that a machine may cause to a third party when driven in public traffic.
Information regarding the insurance
What type of insurance is this?
Traffic Insurance for Heavy Machinery covers damage caused by heavy machinery while driving in public traffic.
What is covered? | What is not covered? |
|---|---|
| The insurance pays benefits for: | The insurance does not cover: |
Personal injury or property damage caused by heavy machinery in public traffic. | Damage the machinery causes to the owner, operator or possessor. |
Any limitations on what the insurance covers?
The insurance does not cover liability that arises from a promise by the insured party that they have a more extensive liability than ordinary non-contractual liability.
Where is the insurance valid?
Traffic insurance for heavy machinery is valid in Iceland.
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, e.g., that the insured party or anyone in possession of the heavy machinery, with the authorization of the insured, ensures it is in the condition required by law, undergoes normal maintenance, and is inspected regularly, as the law requires.
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.