Vessel Operator’s 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 is Vessel Operator’s Liability Insurance?
The liability insurance applies on board the vessel specified in the insurance certificate and covers bodily injury and property damage. Compensation under the insurance is conditional on the policyholder purchasing occupational accident insurance for the ship’s crew in accordance with laws and collective agreements.
What Is Covered?
Liability for damages that falls on the vessel operator and is attributed to a sudden or unexpected event that leads to personal injury that is attributed to the negligence of the crew or the inadequate equipment of the ship or its equipment.
Liability for damages that falls on the vessel operator and is attributed to a sudden event that leads to damage to property owned by parties other than the vessel operator's employees or the owner of the catch, cargo or other things carried by the ship.
Applies both to damage that occurs in the ship or on a dock next to the ship.
What Is Not Covered?
Liability arising from the policyholder’s promise to bear more extensive liability than normal non-contractual liability.
Damages due to the insured person's liability against which they can insure themselves, with ordinary comprehensive insurance for a similar vessel.
Loss or damage to property owned by parties other than the vessel operator's employees or the owner of the catch, cargo or other things carried by the ship.
Bodily injury that occurs while transporting goods to or from a ship when non-crew are doing the work.
Expenses for medical care, nursing, travel expenses or funeral expenses according to the Maritime Law.
Crew members' belongings lost or damaged in a marine accident.
Loss resulting from liability imposed on the owner of a fishing vessel due to onshore operations.
Recourse claims from social insurance authorities.
Loss caused by explosives or flammable materials that are transported in a manner and/or in quantities not permitted by law.
Loss arising from fire, terrorism, poisoning, or asbestos.
Are There Any Restrictions or Precautionary Rules?
The insured must follow Vörður’s precautionary rules.
The insured is required to ensure that only those with proper legal qualifications are engaged in work on the vessel.
The insured must report any changes to the vessel or its operation that could increase risk.
Where Is The Insurance Valid?
The insurance is valid on board the vessel/boat specified in the certificate or renewal receipt, and in direct connection with its operation.
What Are The Insured's Obligations?
Provide all necessary information, whether at renewal, when making changes to the insurance, or when submitting a claim.
As soon as the policyholder becomes aware of or suspects that a compensation claim may be made against them, they must notify the company in writing.
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.