Commercial Liability Insurance
This information document only specifies the main aspects of the insurance, such as what is included and what is not. It is not an exhaustive list or a personal overview of the insurance that customers choose. The information document has no legal significance and is intended solely to inform customers about the main aspects of the insurance. The insurance summary and detailed information on the applicable contract terms are available on the insurance policy, which can be accessed on Vörður’s My Pages. The terms and conditions of the insurance contain comprehensive information about the insurance coverage and are a part of the agreement between the parties together with the insurance certificate.
What kind of insurance Commercial Liability Insurance?
The liability insurance covers the employer for liability claims that may be made against them due to personal injuries or damage to property.
What Is Covered?
Liability that falls on the employer due to accidents to people or property damage arising from the business operation specified in the insurance policy or premium receipt.
Liability that falls on the employer as the owner, or user of a house, or real estate that is used in relation to operations and is specified on the premium receipt.
Liability that falls on the employer due to accidents to people or property damage caused by the dangerous qualities of goods that the policyholder sells or delivers to others in another manner (product liability.)
What Is Not Covered?
Liability due to damage caused to items the employer has borrowed, rented, stored, or are for other reasons in their care, including items the insured has in their possession without permission.
Liability arising from the policyholder’s promise to bear more extensive liability than normal non-contractual liability.
Liability due to damage to property that the employer has taken on for repair, cleaning, setting up or working on in one way or another, if the damage is caused by the work or during it (optional.)
Loss or damage resulting from fire.
Liability for loss or damage resulting from construction work on a building owned or used by the employer.
Liability for damages incurred by the employer as owner or user of a vehicle or other conveyance subject to registration.
Liability for loss or damage resulting from work done underground by the employer.
Liability for damages resulting from heavy machinery subject to registration and its use, unless stated in the policy.
Are There Any Restrictions or Precautionary Rules?
Verði slys á athafnasvæði tryggingataka eða í tengslum við starfsemi hans skal hann sjá til þess að rannsókn fari í öllum tilvikum fram eins fljótt og hægt er. Ef um vinnuslys er að ræða, sem er til þess fallið að valda fjarveru þess sem slasast frá vinnu, skal tryggingataki tafarlaust og áður en vettvangi er raskað tilkynna lögreglu og vinnueftirliti um slysið sbr. 79. gr. laga um aðbúnað, hollustuhætti og öryggi og á vinnustöðum nr. 46/1980. Varúðarregla þessi raskar ekki almennum sönnunarreglum skaðabótaréttar.
The insured must follow Vörður’s precautionary rules.
The insured is required to ensure that only employees with proper legal qualifications and competence operate machinery and other equipment.
Employees must be in physical condition to safely perform their work and must not be under the influence of alcohol, stimulants, or sedatives.
Before starting excavation, drilling, or sawing indoors or outdoors, the insured and their employees must familiarize themselves with the location of pipes, cables, and other installations in the area of the planned work.
Where Is The Insurance Valid?
In general, the insurance is valid only in Iceland. However, it also covers damages caused by dangerous properties of sold goods in the countries specified in the certificate or premium receipt, provided that a special premium has been paid for that risk. More details about the scope of coverage can be found in the policy terms.
Tryggingin tekur aðeins til tjóns sem verður á Íslandi.
What Are The Insured's Obligations?
Provide all necessary information, whether at renewal, when making changes to the insurance, or when submitting a claim.
The insured is obliged to attempt to prevent or minimize the damage.
Report a loss at the earliest opportunity and no later than within one year of the incident.
When and how is the insurance paid for?
The insurance premium must be paid on the due date. Upon renewal, the annual premium is adjusted in accordance with changes in the index from the base index of the agreement. Vörður sends payment claims monthly to online banking services, or annually if the policyholder prefers to pay the premium in a single installment. It is possible to change the payment method via Vörður's online service, “My Pages.” There, policyholders can also choose to pay premiums using a credit card.
When does insurance coverage begin and how does it end?
Insurance contracts are generally valid for 12 months from the date of acceptance of the offer and issuance of the insurance, and premiums are based on the annual premium. If the insurance is not terminated within that period, it is automatically extended.
How is the insurance terminated?
The insurance can be terminated at any time during the insurance period.