Content 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 type of insurance is Content Insurance?
Content Insurance compensates for damage to the movable property specified in the insurance certificate. You can choose fire insurance, burglary insurance, and water damage insurance, depending on the policyholder’s needs.
What Is Covered?
Loss or damage due to fire.
Loss or damage due to lightning.
Loss or damage due to gas explosions, such as gas stove explosions.
Loss or damage due to soot.
Costs related to rescue and firefighting operations.
Theft of insured property.
Loss or damage to housing due to burglary.
Loss or damage caused by water, steam, or oil that unexpectedly and suddenly flows and has its origins within the exterior walls of the property and its foundation.
Damages caused by water due to unusually severe cloud-burst or sudden thaws resulting in drain pipes being unable to cope with the volume and which causes the water to flow into the property of the insured.
Damages to the insured item that are caused by the storm that bring about the break-down of a building or part of building, where the wind speed exceeds 30m/s.
What Is Not Covered?
Indirect loss or damage that may result from a compensable event, such as operational loss or delay in production or delivery of goods.
Loss or damage to motor vehicles unless otherwise specifically negotiated.
Loss or damage of windshields.
Loss or damage due to fire.
Loss or damage which occurs as a result of unlawful entry or attempted unlawful entry by members of the household or employees.
Tjón sem orsakast af úrkomu, hvers kyns flóðum, snjóbráð eða regnvatni frá þakrennum, niðurfallsrennum eða svölum.
Tjón sem orsakast af langvarandi raka eða vökvasmitun.
Tjón sem orsakast af niðurhellingu vökva úr handílátum.
Are There Any Restrictions or Precautionary Rules?
The insured is required to comply with Vörður's precautionary rules.
The insured is responsible for ensuring that all equipment and installations at the insured location comply fully with applicable laws and regulations at all times, as relevant.
Doors and other entry points must be securely locked, and windows must be closed and latched when the storage area is unattended.
The insured must comply with instructions or remarks from public regulatory authorities, such as the Building Authority and the Consumer Agency.
In unheated buildings, the water supply must be shut off, and water pipes along with connected appliances must be drained when there is a risk of freezing.
Inventory stored in basements must be placed on shelving or pallets, and there must also be a floor drain in the storage area.
Where is the insurance valid?
The insurance is only valid on the location stated in the insurance policy certificate or renewal receipt.
What are the insured's obligations?
Provide all necessary information, whether in connection with the renewal or modification of the insurance.
Report any damage at the earliest opportunity and no later than one year from the date of the incident. If a break-in occurs, it must be reported to the police; providing a police report is a condition for receiving compensation, as proof of the loss.
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.