Policyholders of byggeskadeforsikringer (the construction company that originally took out the insurance) from Qudos Insurance A/S under bankruptcy can request a return of premium via a claim form on Qudos Insurance A/S’s website.
The Guarantee Fund for Non-life Insurers will repay premiums for the remainder of the insurance period, with a deductible fee of DKK 1,000 per policy. The return premium is refunded to the policyholder which for byggeskadeforsikringer is the construction company that originally took out the insurance.
Repayment of premiums for the remainder of the insurance period regarding byggeskadeforsikringer from the Danish Guarantee Fund for Non-life Insurers is conditional on the building being sold to a private customer. The Danish Guarantee Fund for Non-life Insurers does not repay premium claims to the extent that the building is owned by a professional or to the extent that the professional is renting out the building to private tenants.
The form is accessible here.
Questions regarding filling out the form can be asked to claimssupport@qudosinsurance.dk
The property developer who has taken out a large number of byggeskadeforsikringer (> 30) have the opportunity to report these as an overall “bulk claim”. A form for use can be obtained by contacting claimssupport@qudosinsurance.dk
For byggeskadeforsikringer covered by the Danish Guarantee Fund for Non-life Insurers the return of premium is calculated from 21 June 2019.
The paid premium consists of two parts - one reserved for damages and one reserved for statutory building inspections.
For the part of the premium reserved to cover damages, the amount paid back is deducted an amount for the period the insurance has been active.
Since the costs for damages statistically varies greatly depending on how long the insurance has been active, the refund is based on the company’s risk, which varies from year to year. This means, for example, that the premium is reduced by 4.90% after the first year's cover and therefore the return premium amounts to 95.1% of the original premium. The following only includes a return premium calculation on the portion of the premium that is reserved to cover damages.
| Year active | Reduction of premium | Return of premium (calculated as % of original premium) |
| 1 |
4.90% |
95.10% |
|
2 |
12.89% | 82.21% |
| 3 | 6.60% | 75.61% |
| 4 | 7.14% | 68.47% |
| 5 | 14.81% | 53.66% |
| 6 | 11.35% | 42.31% |
| 7 | 10.08% | 32.23% |
| 8 | 11.32% | 20.91% |
| 9 | 12.88% | 8.03% |
| 10 | 8.03% | 0.00% |
The return premium regarding the premium portion reserved for conducting statutory building inspections is calculated according to whether the inspections has actually been held. If none of the two statutory inspections has been held, the total premium reserved for the inspection will be returned. If only the first inspection is held, half of the reserved premium is returned, and if both inspections are held, there is no return premium for the part of the premium reserved for the building inspections.
After calculating the above mentioned two return amounts, a fee of 1,000 DKK per police is deducted (no amounts are charged to the customer).
Please note that there is no deadline for requesting a refund of return premium besides the general limitation periods.
