Marine Insurance

Our Marine Insurance policy offers coverage to the insured property during sea or air transport and is based on the latest insurance clauses issued by the Lloyd’s Market Association (LMA) and the International Underwriting Association of London (IUA).

  1. INSTITUTE GOODS CLAUSE  «Α» 1.1.82 (Institute Cargo Clauses A)

Clause “A” offers the widest coverage against “All Risks” which are not specifically excluded by name.

  1. INSTITUTE GOODS CLAUSE «Β»1.1.82 (Institute Cargo Clauses B)

Clause “B” offers coverage for risks that are specifically listed by name.

Such risks are:

  • Fire or Explosion
  • Grounding or sinking of a ship or boat
  • Overturning or derailing of a land vehicle
  • Collision or contact of a ship or means of transport with an object other than water
  • Unloading of goods at a port of refuge
  • Earthquake, Volcanic eruption or Lightning
  • Coverage for forced and voluntary dumping of goods at sea
  • Inlet of sea / lake or river water on the ship
  • Overturning or derailing of a land vehicle
  1. INSTITUTE GOODS CLAUSE «C»1.1.82 (Institute Cargo Clauses C)

Clause “C” offers coverage for risks that are listed specifically by name and relate to total loss OR destruction of goods.

These are:

  • Fire or Explosion
  • Grounding or sinking of a ship or boat
  • Overturning or derailing of a land vehicle
  • Collision or contact of a ship or means of transport with an object other than water
  • Unloading of goods at a port of refuge
  • Overturning or derailing of a land vehicle

This insurance policy is addressed to transporters, importers and exporters of goods and to individuals who want to insure their property while in transit from one country to another, as long as the departure is made from or the arrival is in Cyprus.

Marine Open Cover insurance is also available for carriers or importers or exporters of goods.

Contact our staff or our insurance consultants for more information and to receive an offer for your own needs.

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