Seine 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 Seine Insurance?
Seine Insurance covers damage that occurs to seine net while it is on board a vessel or during transport to and from the vessel.
What Is Covered?
Total loss if the seine goes down with the ship.
Total loss and partial loss of the seine if the ship runs aground, sinks, capsizes or has a collision.
Fire damage to the seine on board the ship, and also while the seine is being brought on board or off board.
Participation in joint loss, joint loss costs and rescue.
What Is Not Covered?
If a ship has two or more seines on board at the same time, only one seine is covered by the insurance.
Damage due to insufficient maintenance, grouting, fatigue, corrosion, wear and tear, or similar causes. The same applies to loss or damage attributed to design defects of the ship.
Loss or damage that is caused by the fact that the ship was unseaworthy when it last left port, was inadequately equipped or staffed, did not have the necessary shipping documents or was not safely loaded.
Loss or damage that can be traced to war, uprising, riots, strike actions or other comparable events.
Loss or damage resulting from nuclear power, ionizing radiation and radioactive substances
Are There Any Restrictions or Precautionary Rules?
The insured is required to comply with Vörður's precautionary rules.
If a specific use or activity of the insured property is listed on the insurance certificate, and that use or activity changes, the insured—or anyone benefiting from the insurance—must notify the company without delay.
Where Is The Insurance Valid?
Varðar is released from liability if the vessel sails south of 40° north latitude or north of 70° north latitude during the period from November 16 to May 15.
What Are the Insured's Obligations?
The main obligations of the insured are to provide all necessary information, whether at renewal or when making changes to the insurance.
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.