Traffic Insurance for Heavy Machinery covers liability damage that a machine may cause to a third party when driven in public traffic.
Traffic Insurance for Heavy Machinery covers damage caused by heavy machinery while driving in public traffic.
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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.
Traffic insurance for heavy machinery is valid in Iceland.
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.
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.
