Individuals‘ Third Party Insurance covers damages the insured causes to a third party, if the insured is liable for such damages according to Icelandic law.
What is covered? | What is not covered? |
|---|---|
| The insurance pays benefits for: | The insurance does not cover: |
Claims for damages for personal injury or property damage caused by the insured due to negligence or recklessness. | Damage suffered by the insured‘s family. |
Damage caused by the insured‘s employment. | |
Damage to property due to fire. | |
Damage to items the insured has borrowed, rented, or are for other reasons in their care. |
The insurance does not cover damage caused by fire, water, firefighting operations, explosion or accident.
The insurance is valid in Iceland and while traveling abroad.
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.
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.
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.