Comprehensive Property 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 Comprehensive Property Insurance?
Comprehensive property insurance is intended for both individuals and businesses that wish to insure specific equipment or movable assets, such as cameras, measuring instruments, or musical instruments, against unforeseen damage.
What Is Covered?
Loss or damage to property due to sudden and unforeseeable mishaps during transportation, use, or storage.
What Is Not Covered?
Loss or damage caused by sudden changes in temperature and/or humidity.
Loss or damage that is caused by normal wear and tear, defect, insufficient maintenance, or internal breakdown, such as mechanical breakdown.
Loss or damage that occurs when the insured forgets, misplaces, or loses the item.
Are there any restrictions or precautionary rules?
The insured is required to comply with Vörður's precautionary rules.
The insured must exercise reasonable care in the safekeeping of the insured property.
The insured must securely lock all residences, vehicles, boats, aircraft, and similar storage areas when unattended and take all reasonable steps to prevent unauthorized access to the insured property.
The insured, members of their household, or employees must handle the custody and supervision of the insured property. If the insured property is entrusted to others for custody or supervision, the insurer's approval must be obtained.
Where is the insurance valid?
The insurance is valid worldwide.
What are the insured's obligations?
Provide all necessary information, whether in connection with the renewal or modification of the insurance.
To notify Vörður of any changes to the insured property, such as if items are sold.
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?
Insurance premiums must be paid on the due date. Vörður sends payment requests monthly to online banking, or annually if payment of the premium in a single installment is requested. The payment method can be changed on Vörður’s “My Pages,” where it is also possible to choose to pay premiums by 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 cancelled at any time during the insurance period.