Machinery and Equipment Insurance
Machinery and Equipment Insurance covers damage to machines and equipment caused by fire or malfunction. Additional protection can be added to insure the equipment against water damage, wind damage, and theft or damage due to burglary.
Information regarding the insurance
What type of insurance is this?
Machinery and Equipment Insurance is a combined insurance for machinery and equipment, which includes breakdowns, among other things.
What is covered? | What is not covered? |
|---|---|
| Breakdown Insurance covers: | Breakdown Insurance does not cover: |
Damage caused by malfunction or mistake in usage | Damage occuring during transport of the insured item. |
| Fire Insurance covers: | Fire Insurance does not cover: |
Damage caused by fire, lightning or explosions. | Damage wher an item is scorched, overheated or melted. |
| Water and Storm Damage Insurance covers: | Water and Storm Damage Insurance does not cover: |
Damage caused by water that suddenly escapes from water, heating and sewage systems. | Damage due to prolonged moisture, leakage or due to mold and fungal growth. |
Storm damage caused by storm winds reaching 28.5 m/sec according to the Icelandic Meteorological Office. | Dama due to precipitation entering through roof or wall unless due to compensable storm damage. |
| Burglary Insurance does not cover: | |
Damage due to robbery committed with the involvement of the policyholder's employee. |
Any limitations on what the insurance covers?
The insurance does not cover machinery and equipment stored outdoors, in open sheds or
Where is the insurance valid?
The insurance is valid at the location specified in the insurance certificate.
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 upon receipt of a written and complete application from you, provided it is approved. A written application also refers to an electronic application.
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.