How To Understand The Insurance Terms And Conditions Of Lithvian Lithvanian Insurance

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1 Purchase insurance terms and conditions for holders of Swedbank MasterCard credit cards Revolving Credit Card, Gold Revolving Credit Card and Gold Charge Card This is a translation from Latvian. In the event of disputes the Latvian terms and conditions will be valid and primary. We want our Purchase Insurance to offer you security and protection in unexpected situations that may occur on day-to-day basis. Swedbank P&C Insurance AS insurance for purchases made worldwide using a MasterCard credit card Revolving Credit Card, Gold Revolving Credit Card or Gold Charge Card - issued by Swedbank AS. The insurance contract is entered into in accordance with laws and regulations of the Republic of Latvia, which the contracting parties will apply in regulation of the contractual relationship arising from the Insurance Contract. In matters not regulated by this Insurance Contract, the parties will be guided by laws and regulations of the Republic of Latvia. 1. General terminology Card means a MasterCard credit card Revolving Credit Card, Gold Revolving Credit Card or Gold Charge Card - issued by issued by the Policyholder (also jointly with cooperation partners) and transferred for use to the Cardholder under the Card Agreement. Policyholder means Swedbank AS that has entered into an insurance contract with the Insurer for insurance of purchases made by the Card holder. We, Us or Insurer means Swedbank P&C Insurance AS represented by Swedbank P&C Insurance AS Latvian branch. You or the Insured means the individual who is the Card holder and to whom a valid Card has been issued for use. Insured Item means the item which You have purchased using the Card and own. Purchase or Product means any tangible item designed for personal use and having a useful life of at least three years. The useful life of products is stated by its manufacturer. If the manufacturer of the Product has not stated how long is the useful life of the Product, it will be decided by the Insurer on the basis of the intended use and manufacturing materials of the Product. Sum Insured means the maximum amount of money to which the Insurer s liability extends. Insured Event means an event stipulated in the Insurance Contract that stands beyond control of the Insured and is an unexpected, sudden and unforeseen event, which directly impacts the Insured Item and results in the Insured Item being damaged, damaged beyond repair or lost, and for which the Insurer pays Indemnity pursuant to this Insurance Contract. 1

2 Indemnity means a sum of money paid out by the Insurer to the Insured or services supplied by the Insurer to the Insured when an Insured Event occurs. Insurance Certificate means a confirmation of this Insurance Contract issued to the Insured. Insurance Terms and Conditions means these Purchase Insurance Terms and Conditions. Insurance Contract Validity Period means the period of time of validity of the insurance contract during which the insurance contract is in full force and effect, as specified in this Insurance Contract. Insured Value means the replacement value of the Insured Item, providing that it does not exceed the purchase price You paid for the Insured Item. Excess means the part of loss specified as a sum of money in this Insurance Contract, which will not be covered by the Insurer upon occurrence of an Insured Event. 2. Validity of Insurance Contract 2.1. The Insurance Contract enters into force and the Insurance Contract Validity Period commences when the Policyholder has signed the Card Agreement with the Insured Insurance commences, in respect of each Insured Item, when the Insured has received the Insured Item and continues in force for the following 6 month If the Insured is unable to provide documentary evidence of the time of receiving the Insured Item, then the Insured Item will be considered as insured for 6 month after the time of paying for the Purchase If the Purchase was paid for in instalments, then insurance cover starts as from when the first payment with the Card was made. Example. On April 1, you selected a bicycle in a shop and paid 50% of the price. On May 1, you received the bicycle from the seller and paid the rest of the price. On July 10, your bicycle was stolen. If you provide evidence (e.g. acceptance certificate or seller s confirmation) that the bicycle was received on May 1, the 6 month period starts on May 1, which means that the insurance cover was effective at the time of theft. If you are unable to provide evidence that the bicycle was received on 1 May, the 6 month period starts on 1 April, which means that the insurance cover was not effective at the time of theft The Insurance Contract will terminate in case of termination of the Card Agreement. The Insurance Contract will terminate and the Insurance Contract Validity Period expires on the ninety-first day after the end date of the Card Agreement. 3. Insured Item 3.1. A Purchase is considered as an Insured Item if the Purchase is made with the Card issued to You and is in Your possession, except where stipulated otherwise in this Insurance Contract. A Purchase given by the Insured as a gift is insured if it is in possession of the recipient (the donee) In case of a partial payment for purchase of a Product, the Indemnity is paid out in proportion to the part of the Product s price paid The following Purchases are not Insured Items: second-hand Products, except sample products at display at the seller; motor vehicles, watercraft and aircraft, their engines, equipment, parts and accessories; 2

3 plants, animals; essential parts of the building or items attached to the building such as floor covers, ceramic tiles, air conditioners, heating elements, construction materials; cash, securities, certificates, documents (e.g. identity documents, title deeds, diplomas, powers of attorney, contracts), manuscripts, drafts, drawings, deeds, plans, card catalogues, bank cards, etc.; unique items, prototypes and collections (namely, aggregations of one kind of items such as post cards, postcards, calendars, etiquettes, coins, etc., which are of scientific, culturally historic or artistic value or which are aggregated for private purposes), the value of which cannot be determined; works of art; Purchases left in unlocked vehicle; Purchases left unattended in a public place; Purchases left unattended at a construction site or in a building that is under construction; Products reconstructed, repaired or reproduced as of the time of or after making the purchase; items, machinery, equipment used in business; items purchased for resale, professional or business-related purpose; rented or leased Products; Purchases made by the Insured in violation of the Terms of Use of Cards; Products removed from the scope of private law (such as contraband items). 4. Sum Insured 4.1. The Sums Insured stated are for one Insured Item, for one Insured Event and for one year. For one Insured Item 1000 Sum Insured (EUR) Special group of Insured Items which covers the following Purchases: computers, computer parts and external devices; mobile phones; glasses, incl. sunglasses; clocks and watches; unique items, valuables (incl. precious stones, precious metals and pearls); fur items. 400 EUR per one Insured Event For one Insured Event 2000 For one year 4000 Computer parts and external devices mean any and all computer parts and external devices which work only with a computer. They include the processor, monitor, keyboard, mouse, software and printer A year means a period which includes the day the Insured Event occurred and the preceding 364 days. Example. A mobile phone (worth EUR 550), sunglasses (worth EUR 300), gloves and a camera are stolen from a handbag. The Indemnity for the mobile phone and sunglasses is 400 euros in total. For the gloves and the camera We will pay their Insured Value, but not more than EUR 1000 for each item and not more than EUR 2000 for all together. 3

4 5. Risks Covered and Exceptions 5.1. The Insurance Contract covers all risks (events which stand beyond the control of the Insured and may occur in the future), subject to exceptions provided for in the Insurance Terms and Conditions We will not indemnify for loss arising, through cause and effect, as a result of the following reasons or activities: malfunction of the Product that is subject to compensation under the guarantee given by the manufacturer or the seller; deterioration in the condition of or damage to the Insured Item if it results from wear and tear, repairing, cleaning or regular maintenance; usage or maintenance of the Insured Item for a purpose other than the intended purpose or at variance with the manufacturer s instructions; damaging the Insured Item in the course of processing it (incl. cutting, sawing and forming); misrepresentation, fraudulent conduct or embezzlement by a third party if You voluntarily made the Insured Item available; damage, loss, or destruction of the Insured Item as a result of an unlawful act committed by the Insured; loss of the Insured Item if the circumstances of the loss (e.g. time, place, your actions at that time) cannot be established; war or political armed conflict, terrorist act, uprising, riot, strike, lockout; imposition of an international sanction, expropriation of property; confiscation by a state or public authority or customs officer; radioactive contamination We will not indemnify for the following of Your expenses: delivery and handling costs, incl. transportation costs and installation and other service fees; indirect losses (such as penalties, contractual fines, moral damage, unearned profit); expenses related to damages and defects existing before commencement of the insurance cover; expenses related to damage to or loss of a Purchase if the Purchase is damaged or lost after the end of the insurance cover; expenses which are subject to indemnification by other insurer under other insurance contract. 6. Principles of Indemnification 6.1. The Insurer will pay the Indemnity upon establishing loss you have suffered as a result of an Insured Event The Indemnity may be paid out: to a service provider in the form of payment for services related to renovation of the Insured Item or any part thereof; to a person, who supplies a new Insured Item or any part thereof, as a replacement of damaged Insured Item or any part thereof; to You in cash We have the right to select the form of Indemnity payout. If the Indemnity is not paid in cash, We have the right to select the service provider or the person who supplies a new Insured Item or any part thereof The Indemnity may not exceed the Insured Value and the Sum Insured If, at time of the Insured Event, any other insurance contract is in force under which you are entitled to Indemnity, such as home or travel insurance, only that part of the Indemnity will be paid which is not covered by other insurance contract If the Indemnity is paid in cash, then the person entitled to the Indemnity must notify Us of the bank account number to which such person wishes Us to transfer the Indemnity. 4

5 6.7. Where a dispute arises between the Insured and the Insurer regarding the amount of Indemnity, We may, prior to final calculation of damages, pay out the Indemnity in the amount not contested by the Insurer or the Insured We will pay out the Indemnity within 15 (fifteen) days of the date of decision to pay out the Indemnity unless the Indemnity payout is planned in the form of periodic payments or provision of services or the Insurer and the recipient of Indemnity have, after the decision to pay out the Indemnity, agreed on other procedure of payout of the Indemnity If the Insured Item is lost as a result of theft or robbery and, following payout of the Indemnity, the Insured Item has been found or You have learned of its location, You have a duty to promptly notify Us thereof. In such an event, if you wish to keep the recovered Insured Item or any part thereof, You have a duty to return the received Indemnity to Us without delay Insured has a duty to return the received Indemnity or any part thereof to the Insurer if, following payout of the Insurance Indemnity, any evidence is found that the paid Indemnity or any part thereof has been unfounded or unjustified Excess In calculation of Indemnity for each Insured Event, the Excess of EUR 30 is deducted from the amount of loss that is subject to indemnification by the Insurer under these Insurance Terms and Conditions, and any loss below the Excess will not be indemnified by the Insurer If more than one Insured Items are damaged or lost in a single Insured Event, then only one Excess will be applied Reduction and Denial of Indemnity We have the right to reduce or deny Indemnity if You or the person authorized by You to use the Insured Item: has caused damage in bad faith or through gross negligence; has knowingly supplied untruthful information that concerns the Insurance Contract and could have affected the emergence or the extent of loss; fails to comply with a duty arising under the Insurance Contract and if such incompliance has affected the emergence or extent of loss or has affected the performance of, or determination of the extent of, the Insurer s liabilities Procedure of Indemnity Payout We will decide on payout of the Indemnity within 30 (thirty) business days of receiving all necessary documents. We may, if valid reasons to do so exist, extend this period to a maximum of 6 (six) months as from the day of receipt of the claim application If the amount of loss suffered by You or Our indemnification obligation have not been fully ascertained, We will indemnify for the part of loss the occurrence and amount of which have been proven Where performance of Our obligations, or extent of performance thereof, depends on circumstances, which are established in civil, criminal or administrative legal proceedings, We are entitled to decide on payout or denial of Indemnity after termination of legal proceedings, or coming into force of court s or relevant official s decision After payout of Indemnity, We will acquire the right of subrogation i.e. the right to claim damages in the amount of paid Indemnity from the person responsible for the loss Unless You, in the Indemnity claim and before payout of Insurance Indemnity, have advised the Insurer in writing of other procedure, then also in case the Indemnity paid out by Us covers only a part of the expenses of the Insured, We may exercise its right of subrogation irrespective of whether or not the Insured exercises the right to take action against the person who caused the damage. We and the Insured may agree in writing on cooperation in recovery of damages from the person liable for the damages including on jointly bringing or maintaining action at court of law. 5

6 6.14. Transfer Of Title In case of total destruction of the Insured Item, We may demand that the title to the damaged Insured Item be transferred to Us. The Insured Item must also be handed over to Us if You regain possession of the Insured Item after You have received Indemnity from Us in connection with damage to or loss of the Insured Item. If You do not want to hand the Insured Item over to Us, You will have to return the received Indemnity without delay. 7. Your Duties 7.1. The duties and liabilities stipulated in the Insurance Contract apply equally to You, the family members living with You, and persons using the Insured Item with Your permission Your duties within the Insurance Contract Validity Period: to comply with all laws and regulations in force in the Republic of Latvia, including fire safety and technical maintenance rules set forth in laws and regulations, and with the terms of this Insurance Contract; to use the Insured Item for its purpose, with due care, without causing loss or danger to other persons, as well as not to increase the probability of occurrence of covered risks through any act or failure to act; to cause each authorized user of the Insured Item to comply with the duties stipulated for You in the InsuranceContract Your duties upon occurrence of Insured Event: to take all reasonable steps to mitigate the consequences of the Insured Event as much as possible; where an Insured Event occurs through unlawful acts of a third party, You will have a duty to notify law enforcement authorities thereof; without delay and as soon as possible, but in any event not later than within 14 days of occurrence of the Insured Event, to give a notice of the loss to Swedbank P&C Insurance AS Latvian branch Claims Handling Dept (tel , atlidziba@swedbank.lv); without delay and as soon as possible, to deliver the following documents to Us: indemnity claim (application) in the form prescribed by Us; original purchase receipt for the Product; in case of damage to the Purchase a photo of the damaged Purchase and the estimated cost of repairing it; other documents requested by Us in relation to occurrence of Insured Event and losses thereby caused or information about occurrence of the Insured Event, about the loss caused, about the amount of loss, about persons responsible for emergence of loss, including information related to the Insured Event about civil, administrative and criminal proceedings in the case. If You have delivered photocopies of documents, We may request original documents to furnish Us with complete and true information concerning the circumstances of the Insured Event, the loss caused, the extent of loss, and persons responsible for the occurrence of loss; upon Our request, to present documents containing the Insured Event related information about the civil, administrative and criminal proceedings in the case. 6

7 8. Our Rights and Obligations 8.1. Should We change our legal name or registered office during the Insurance Contract Validity Period, We will inform You thereof by publishing such information on the website of Swedbank AS or in mass media Upon receipt of claim application, We or Our authorized representative has the right to carry out expert assessment of the Insured Item in order to establish and assess the reasons and scope of loss or damage Upon receipt of claim application and all necessary documents relating to occurrence of the Insured Event, We will, according to the procedure laid down in this Insurance Contract, decide on payout, reduction or denial of the Indemnity and will notify You thereof, specifying the reasons and basis for reduction or denial of Indemnity. 9. Processing of Personal Data 9.1. We will process Your personal data as may be necessary for entry into this Insurance Contract and for performance of obligations under this Insurance Contract. We are entitled to make Your data and the data of other Insureds supplied by You and this Insurance Contract related information available to our personal data operators and third parties if required so for performance of obligations arising under this Insurance Contract We are entitled to receive any information and documents as may be necessary for performance of obligations arising under the Insurance Contract, including personal data and sensitive personal data, from: other insurers and financial institutions (including Swedbank and Swedbank Group companies); other legal and natural persons and state agencies in possession of information about the Insured Event and related circumstances Please be informed that We, in the events stipulated in applicable legislation, have a duty to supply information about You to the Credit Register The controller of the contract performance related personal data processing is Swedbank P&C Insurance AS, reg. No , registered office: Liivalaia 12, Tallinn, Estonia; the personal data processor is Swedbank AS, reg. No , registered office: Balasta dambis 15, Riga, Latvia We have the right to offer You services via mail, telephone, facsimile, , and other means of communication. You have the right to refuse, by giving Us a relevant notice, from commercial information being sent to You. 10. Dispute Resolution All matters not contemplated in the Insurance Contract, as well as any dispute, disagreement or claim arising out of the Insurance Contract, affecting the Insurance Contract, or the amendment, breach, termination, lawfulness, validity, or interpretation of the Insurance Contract will be resolved through negotiation In case no resolution is reached through negotiation, the dispute in question will be referred to a court of law in accordance with applicable legislation in force in the Republic of Latvia. 7