Comprehensive Crew Insurance for Small Boats (Landssamband smábátaeigenda)
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 Crew Insurance for Small Boats (Landssamband smábátaeigenda)?
The insurance pays compensation for accidents suffered by crew members on board a ship or vessel while working in direct connection with the operation of the shipping company. In addition, optional accident insurance during leisure time is available for an additional premium.
The insurance also covers crew members’ baggage, and in the event of death due to illness, compensation is paid to the beneficiaries.
Compensation is paid in accordance with the Tort Liability Act No. 50/1993 if this results in higher total compensation than under Article 172 of the Maritime Act No. 37/1985.
What Is Covered?
Permanent medical disability
Daily benefits for temporary loss of working capacity
Daily benefits for temporary incapacity for work
Death benefits due to an accident
Death due to illness
Damage to crew members’ personal belongings caused by a maritime accident or fire
Permanent medical disability
Daily benefits for temporary incapacity for work
Death benefits due to an accident
What Is Not Covered?
Accidents caused by changes in atmospheric pressure, war, insurrection, or similar actions
Accidents caused by terrorism
Accidents resulting from physical assault
Accidents caused by gross negligence
Accidents caused by food poisoning
Accidents caused by toxic gases, unless sudden and involuntary
Are there any restrictions or precautionary rules?
If a loss can be traced to the insured’s intent, Vörður’s liability to pay compensation is void. Loss caused by gross negligence may lead to a limitation or forfeiture of Vörður's liability.
The insured is required to comply with Vörður's precautionary rules.
The insured is required to familiarize themselves with the insurance terms and conditions.
Where is the insurance valid?
The insurance is valid worldwide.
What are the insured's obligations?
Answer all questions from Vörður relating to risk assessment correctly and honestly.
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.
Attempt to prevent or minimize loss. The insured must comply with the Vörður’s instructions aimed at limiting the loss.
Any change in the policyholder’s/insured’s occupation must be reported to Vörður without delay.
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 the 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.