Motor, Transport & Marine
Marine Cargo
Cargo travelling by sea faces particular risks that differ from land transport.
What is it?
This is insurance concerning goods during sea transport, typically in the context of international trade, from loading to delivery. It may relate to imports, exports or transfers between ports. The exact content depends on how cargo is loaded, the route and the trade terms of the transaction, and is confirmed case by case.
Who is it for?
It is relevant to importers and exporters trading internationally, shipping agents, trading businesses receiving goods through a port, and industries dependent on sea imports of raw materials.
Legal position
Is it compulsory in Cyprus?
Depends on profession / activity
Marine cargo insurance is not generally compulsory by law in Cyprus. However, it may be required by the trade terms of a transaction, by a bank financing the transaction, or by agreement with the buyer or seller, and whether it is required depends on the specific case.
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?
Your business starts importing or exporting goods by sea.
You change supplier or loading port and transport routes change.
The value of goods you ship by sea increases significantly.
The trade terms of a transaction change who bears the risk during transport.
These are illustrative circumstances, not a description of policy terms, conditions or exclusions.
Why review this cover?
Establishing responsibility for loss during sea transport can be complex, as several parties in different countries are involved. A periodic review helps clarify who bears the risk at each stage and whether cover matches the trade terms you have agreed.
The Vesta approach
Understand first, then solutions.
Before considering solutions, we want to understand the nature of your transaction: what is being shipped, which trade terms apply and who bears the risk at each stage of the voyage. We then look at any obligations arising from the transaction and the points worth clarifying before loading.
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.