ICELOGIC ehf sells cargo insurance to customers on behalf of Sjóvá.
Insurance value up to 2,000,000 ISK
Shipments covered under a bill of lading with an insurable value of up to ISK 2,000,000 can be insured for a fixed fee per shipment. The policyholder’s deductible is ISK 22,500 per claim. If the shipment’s insurable value exceeds ISK 2,000,000, the policyholder must notify ICELOGIC and obtain guidance on how the shipment should be insured. To ensure proper insurance coverage, clients are advised to always include the shipment’s value in the documentation submitted to ICELOGIC.
Insurance value over 2,000,000 ISK
Shipments covered under a bill of lading with an insurable value above ISK 2,000,000 must be insured separately. ICELOGIC can arrange to obtain a quote from Sjóvá for such insurance if requested. However, we recommend that the client contact their own insurance provider directly.
Insurance value / Sum insured
The insurance value of the insured shipment is the customs value plus 10 percent.
Commencement and end of liability
The liability of the insurance company (Sjóvá) commences at the same time as ICELOGIC’s liability according to the transport agreement and ends upon delivery of the goods to their owner, but no later than 60 days after the goods arrive at the delivery location and are still in the custody of the carrier. Any damage must be reported to ICELOGIC within three days of receiving the goods.
Damage notification and claims settlement
It is important that any damage be reported to ICELOGIC as soon as possible. Damage relating to air or sea shipments can also be reported directly via Sjóvá’s electronic claim notification form on their website. If the value of the shipment, including the commercial invoice amount, insurance premium, and freight charges (CIF value), is equal to or exceeds ISK 2,000,000, the shipment is not insured above that amount. For prepaid shipments (freight paid by a foreign party), the shipment is not insured through Sjóvá or ICELOGIC.
The following documents must always be available for Sjóvá and/or the surveyor:
- Bill of lading
- Arrival notice
- Commercial invoice and customs declaration
- Carrier’s delivery note
- Any other documents specifically requested during claim handling
Insurance terms and further information about Sjóvá’s cargo insurance can be found here.