Are There Any Restrictions or Precautionary Rules? - Product Liability

The insured must: 

- Comply with official rules and regulations regarding chemical formulations and mixtures. 
- Provide accurate and non-misleading information about the properties or use of products sold or otherwise supplied, for example in sales materials or instruction manuals. 
- Ensure that products sold or otherwise supplied undergo mandatory quality control before being placed on the market, and carry out any tests and analyses required by the authorities. 
- Not place a product on the market that the insured knows, or ought to have known, has harmful properties. 

If a manufactured product may develop hazardous properties after being stored for a certain period, clear markings indicating the expiry or use-by date must appear on the packaging. 

The insured and any parties associated with the insured must comply with the precautionary rules set out by the company in these terms and conditions or in the policy schedule. Failure to do so may result in a reduction or forfeiture of compensation in accordance with Article 26 of the Insurance Contracts Act. 

Are there any restrictions or precautionary rules?

Where is the insurance valid?  - Product Liability

Where is the insurance valid? 

What are the insured's obligations? - Product Liability

What are the insured's obligations?

When and How Is The Insurance Paid For? - Product Liability

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 and how is the insurance paid for?

When Does the Insurance Coverage Begin and How Does It End? - Product Liability

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. 

When does the insurance coverage begin and how does it end?

How is the insurance terminated? - Product liability

The insurance can be terminated at any time during the insurance period.   

How is the insurance terminated?

Information Document

The insurance is based on product liability that may fall on the insured due to personal injury or damage to property. 

Provides coverage for business operators who manufacture and distribute products against potential liability for damages.  

What Is Covered?

What Is Not Covered?

Product Liability 

Liability Insurance

Terms and Conditions

Vörður operates according to the various policies and rules that can be found here on the website.

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