Motor, Transport & Marine
Marine Insurance
A vessel and its use create different responsibilities and risks depending on its purpose and the waters it operates in.
What is it?
This is insurance concerning vessels and their use, whether commercial craft, leisure boats or fleets. It may address the vessel itself, liability towards third parties, or a combination of both. The exact content depends on the type of vessel, its use and the waters in which it operates, and is confirmed case by case.
Who is it for?
It is relevant to leisure boat owners, businesses operating commercial vessels, charter companies, and organisations managing small fleets of vessels.
Legal position
Is it compulsory in Cyprus?
Depends on profession / activity
Marine insurance is not uniformly compulsory by law in Cyprus for every vessel. However, certain forms of cover, particularly third-party liability, may be required by port authorities, mooring terms or charter agreements, depending on the type and use of the vessel.
General information only. Requirements can change and depend on your activity — Vesta can help clarify what applies to your circumstances.
When might you need it?
You acquire a leisure or commercial vessel.
You start a chartering or passenger transport activity by vessel.
The vessel changes mooring port or area of operation.
You add equipment or upgrade your vessel.
The vessel remains laid up for long periods, for example out of season.
These are illustrative circumstances, not a description of policy terms, conditions or exclusions.
Why review this cover?
An incident at sea can simultaneously involve damage to the vessel, third parties and the environment, with significant financial consequences. A periodic review helps establish whether cover matches the vessel's current use, value and area of operation.
The Vesta approach
Understand first, then solutions.
Before considering solutions, we want to understand your vessel's type, its purpose of use and the waters or ports in which it operates. We then look at any obligations that apply, from port authorities to charter agreements, and the points worth reviewing.
Next step
Let's look at your circumstances.
Tell us how things work in practice and we will explain what is worth reviewing before any solution is discussed.
Prefer to speak with us?
If you would rather talk it through, tell us a little about your business and we will come back to you.