Request for return of premium for ejerskifteforsikringer

Policyholders of ejerskifteforsikringer from Qudos Insurance A/S under bankruptcy (sold by Frida Forsikring Agentur A/S) can request a return of premium via a claim form on Qudos Insurance A/S’s website.

The form is accessible here.

You can get help filling out the form by contacting claimssupport@qudosinsurance.dk

When filling out the form it is very important that the information listed on the policy and filled out in the form are exactly the same (name, address and policy number). To the question regarding whether the policy has been terminated, enter X in ‘No’ unless the insurance has been actively terminated with effect from a date prior to June 20, 2019.

The return of premium is calculated as the paid premium excluding fees, deducted the period the insurance has been active and a deductible of DKK 1,000 (no amounts are charged to the customer).

For ejerskifteforsikringer covered by the Danish Guarantee Fund for Non-life Insurers, there is cover for damages reported no later than June 20, 2019. This means that calculation of return of premium will start on June 21, 2019.

Calculation example for return of premium of a 5-year ejerskifteforsikring:

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 is highest in the first couple of years. This means, for example, that the premium will be reduced by 50.13% after the first year’s coverage. Below is the reduction for each year the insurance has been active.

Year active       Reduction of premium

  1                                 -50.13%

  2                                -16.37%

  3                                -14.12%

  4                               -11.64%

  5                                -7.75%

There is no return of premium for insurances written prior to June 21, 2014.

The insurance in the example has been active for 1 year and 6 months. 50.13% is deducted for the first year of coverage. The full 16.37% is not deducted for the second year, but only for the months the insurance has been active in the second year, ie. 6 months corresponding to 0.5 years. This gives a reduction of 16.37% x 0.5 = 8.19% for the second year.

The return of premium is calculated as follows:

Calculation example for return of premium of a 10-year ejerskifteforsikring:

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 is highest in the first couple of years. The company’s risk is a little different when it comes to a 10-year ejerskifteforsikring. Therefore, the calculation of the return of premium is also slightly different. This means, for example, that the premium will be reduced by 43.94% after the first year's coverage. Below is the reduction for each year the insurance has been active.

Year active       Reduction of premium

  1                                 -43.94%

  2                                -15.24%

  3                                -10.82%

  4                                -11.33%

  5                                 -5.37%

  6                                -4.02%

  7                                 -3.22%

  8                                 -2.51%

  9                                 -1.98%

  10                                -1.58%

There is no return of premium for insurances written prior to June 21, 2009.

The insurance in the example has been active for 1 year and 6 months. 43.93% is deducted for the first year of coverage. The full 15.24% is not deducted for the second year, but only for the months the insurance has been active in the second year, ie. 6 months corresponding to 0.5 years. This gives a reduction of 15.24% x 0.5 = 7.62% for the second year.

Please note that there is no deadline for requesting a refund of return premium besides the general limitation periods.