The Danish Guarantee Fund

Claims

The Danish Guarantee Fund can provide compensation for claims that have not been covered as a consequence of a non-life insurer’s liquidation. The Danish Guarantee Fund covers following:

  1. Policyholders with private insurances (typically consumer Insurances as motor liability insurance, home and personal protection insurance, houseowner’s insurance, second home insurance, accident insurance or similar private insurances)
  2. Third parties insured against personal injury or damage to property under motor liability policies (regardless of whether they have been taken out for commercial purposes)
  3. Third parties insured against personal injury under any other liability policies (regardless of whether they have been taken out for commercial purposes)
  4. Policy holders and those insured under collective insurances to the extent that an insurance corresponds to the individual insurances covered
  5. Policyholders with property fire insurances regardless of the type of property and class of policyholders (the purpose of this provision is to ensure indemnification of creditors with a recorded real-property mortgage in case of fire on property on which they hold a mortgage. Therefore, coverage of damage caused by fire is not limited to consumer insurance, i.e. one- or two-family houses or second homes, as the Fund also covers fire damage to commercial properties etc.).

Please be aware of that The Danish Guarantee Fund only provides compensation for claims in a limited period.

The Danish Guarantee Fund provides compensation for claims that have not been covered and arising within four weeks of the issuance of a notice of the decree to the policyholders. For information about specific dated go to the site “policyholders”.

Claims must be notified to the Danish Guarantee Fund as soon as possible and no later than six months after the issuance of the liquidation decree on 20 December 2018, i.e. no later than 20 June 2019.

For further information on how to submit a claim to the Danish Guarantee Fund, go to the site “Submit a claim / Premium refunds”.

The Danish Guarantee Fund will set up a payment flow directly with the claims handlers. Therefore, please report your claims and questions about already reported claims to the relevant claims handler. If the claims handler rejects to handle (receive) the claim, you can notify the claim to the bankruptcy estate directly. For further contact information, go to the site “Contact information”.

For further information about the claims covered by the Danish Guarantee Fund, please see www.skadesgarantifonden.dk. The website also has a tab in English with Q&A.

Premium return

A webformular for submitting claims for premium refund will be available at this site in February 2019. For further information go to the siteSubmit a claim /premium refunds

The webformular is both for claims against the Danish Guarantee Fund and the bankruptcy estate.

The webformular will ensure that the Danish Guarantee Fund and the bankruptcy estate receive all necessary information to handle your claim for premium refund. Therefore, please wait until the webformular is ready to submit a claim for premium refund.

Please be aware of that there are no deadlines – except of limitation and deadlines according to the policy – for filing a claim for premium refund.

Coverage area

The Danish Guarantee Fund may cover premium refunds on the following insurance types:

  1. Private insurances (typically consumer insurances such as third-party motor liability insurance, home and personal protection insurance, houseowner’s insurance, second home insurance, accident insurance or similar private insurances)
  2. Collective insurances to the extent that such an insurance corresponds to the individual insurances covered
  3. Fire insurances regardless of the type of property and class of policyholders (coverage of damage caused by fire is not limited to consumer insurance, i.e. one- or two-family houses or second homes, as the Fund also covers fire damage to commercial properties etc.).

Please be aware of that the Danish Guarantee Funds does not cover premium refunds on following insurance types:

  1. Commercial insurances (e.g. insurances taken out and paid by a commercial policyholder even though the policy concerned later is transferred to a private policyholder)
  2. Insurances taken out and paid by any associations, foundations or non-professional and non-profit organizations

The Danish Guarantee Fund has informed that the fund does not cover premium refunds on following specific insurance types:

  1. British taxi insurances
  2. British insurances on buildings (latent defect insurances)
  3. French insurances on building (dommage ouvrage), if the insurance is not original taken out by a private person

Claims for premium refunds not covered by the Danish Guarantee Fund might possible be covered by a national guarantee fund. If not, the claim for premium refund will be against the bankruptcy estate. Full compensation from the bankruptcy estate cannot be expected.

Size of premium refunds

The Danish Guarantee Fund covers premiums paid before the issue of the bankruptcy order on the 20 December 2018 but with an excess of DKK 1,000 per policy. However, only such part of the premium as corresponds to the remaining part of the insurance period is covered by the Danish Guarantee Fund. The excess of DKK 1,000 per policy will automatically be registered in the register of debts and claims by the bankruptcy estate.