Trip Cancellation 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 Trip Cancellation Insurance?
Trip cancellation insurance reimburses the cost of a prepaid trip if the insured is unable to travel and is not entitled to a refund from the airline or any other third party. Please note that insurance cannot be purchased if more than 10 business days have passed since the trip was purchased.
What Is Covered?
Travel expenses if the insured is unable to travel due to serious accident, sudden illness, bodily injury, or other comparable events affecting the insured or close family members, such as a spouse, child, or parent.
Travel expenses if significant damage occurs to the insured’s home or private business, requiring their presence.
What Is Not Covered?
Travel expenses if the insured is unable to travel due to an illness that existed before the insurance was purchased.
Travel expenses if the insured is unable to travel due to cancellation or postponement of scheduled travel, strikes, or lockouts.
Travel expenses if the insured is unable to travel due to commitments with the carrier, travel agency, hotel, or rental provider, when no payments have been made.
Are There Any Restrictions or Precautionary Rules?
The insured is required to comply with Vörður's precautionary rules.
Where Is The Insurance Valid?
In general, the insurance is valid in Iceland and when traveling abroad, as applicable.
What Are The Insured's Obligations?
Provide all necessary information, whether at renewal, when making changes to the insurance, or when reporting a claim.
Report any claim as soon as possible and no later than one year from the date of the incident. The insured must submit a medical certificate as well as a travel ticket and/or a receipt confirming payment of travel expenses.
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.