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: |
Damage to a vessel due to a sudden and unexpected accident. | Damage caused by material-, construction-, or repair flaws. |
Salvage costs according to the provisions of maritime law. | Damage caused by the ship being unseaworthy when it last left port. |
Total loss, e.g., if the vessel is lost at sea or so badly damaged it cannot be salvaged or repaired. | Claims for damages made by a vessel‘s owner or operator. |
Compensation to a third party if a mistake in operating the vessel causes a collision. | Fines and penalties. |
The insurance does not cover fish containers, catch, or fishing gear.
The insurance is valid while the ship is inside the Icelandic fisheries jurisdiction and if the ship does not go south of the 40th parallel north throughout the year or north of the 70th parallel north from November 16th to May 15th.
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.