Business Interruption Insurance for Machinery and Electronic Equipment
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 Business Interruption Insurance for Machinery and Electronic Equipment?
Business Interruption Insurance for Machinery and Electronic Equipment is intended for employers and companies. It is an add-on to machinery and electronic equipment insurance and compensates for business losses that may arise from a reduction in the sale of goods or services following a loss that is covered under the machinery and electronic equipment insurance.
What Is Covered?
Loss of operation due to malfunction in insured equipment.
What Is Not Covered?
Increased business loss or damage due to strikes, lock-out, engine failure, or because the restart of the operation is delayed due to improvements, enlargement, instructions issued by the authorities, or the like.
Are There Any Restrictions or Precautionary Rules?
The insured is required to comply with Vörður's precautionary rules.
The insured is required to properly maintain the insured items and follow the seller’s instructions and operating guidelines.
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.
Where is the insurance valid?
The insurance is valid only at the location specified in the insurance policy.
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.
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.