The Swiss National Guarantee Fund fulfils the tasks of the National Guarantee Fund of the Principality of Liechtenstein (art. 1 of the exchange of notes dated 3 November 2003). The National Guarantee Fund of Liechtenstein is subject to supervision by the Financial Market Authority of the government of Liechtenstein (FMA), who also approves the amount of each Liechtenstein car holder’s annual contribution.
The member states of the EU/EEA are obliged to establish compensation bodies (Directive 2009/103/EC). They grant cover for losses to victims in the event that regular claims settlement processes after an accident abroad fail. After set time limits, the compensation bodies settle claims if claims representatives are missing or in default or if persons responsible for accidents or insurers cannot be identified.
Liechtenstein implements this requirement in art. 75c-d of the Liechtenstein Road Traffic Act SVG-FL.
Material damage deductible of EUR 500 or the Swiss franc equivalent applies in cases of liability for damages caused by unidentified motor vehicles, trailers, unknown cyclists or users of equipment similar to a vehicle (art. 53 par. 3 VVV-FL). In Switzerland, the deductible amounts to CHF 1000.