Boat insurance in Cyprus in 2024. Best boat insurance in Cyprus.

Boat insurance in Cyprus

A boat insurance policy can protect you against liability and damages in the event of a boating accident, including injuries to a third party or damage to someone else’s property.

Boat insurance can cover many types of watercraft, such as sailboats, motorboats, jet boats, and inflatable boats, regardless of their use (private or commercial).

In this guide to boat insurance in Cyprus, we will discuss what it is, what it covers, when you might need it, and various coverage options.

In addition, we will help you compare coverage and find the best and most affordable boat insurance in Cyprus.

Table of contents

What is boat insurance?
Do I need boat insurance?
What does boat insurance cover in Cyprus?
Commercial boat insurance
Sailing boat insurance
How much is boat insurance?
Affordable boat insurance in Cyprus
Online boat insurance in Cyprus
Best boat insurance in Cyprus
Boat insurance quotes in Cyprus

What is boat insurance?

A boat insurance policy can cover you and your personal watercraft against liability and damage in the event of a boating accident.

This specific insurance policy includes coverage for injuries to another party and damage to another’s property caused by your boat.

Boat insurance can also cover your sailboat, motorboat, or other types of watercraft if it gets stolen.

Typically, the parts of a watercraft covered by boat insurance include machinery, the hull, furnishings, and equipment permanently attached to your watercraft.

Do I need boat insurance in Cyprus?

Boat insurance in Cyprus is not obligatory. Nevertheless, you might need boat insurance if you’re financing your watercraft and if you dock it at a marina.

Marinas typically require boat insurance if you’re docking at their facility. For example, Limassol Marina requires third-party liability insurance.

Even if boat insurance isn’t legally required, protecting your investment with insurance is still valuable.

Not only does boat insurance help pay for damages to your boat, but it also helps pay for any damages or injuries you cause to others.

In Cyprus, there is no minimum for insurance against third-party liability (i.e. damage to third parties).

In general, our current customers are offered coverage of at least €300,000 based on regulations set by Greece, which constitutes the leading tourist destination of our clients.

What does boat insurance cover in Cyprus?

Boat insurance coverage will vary based on your needs and boat or watercraft.

Typical boat insurance policies include the following coverage:

Coverage for you and your boat

Damage to: sails, hull, furnishings, equipment, motor, and trailer from: fire; piracy; explosions; malicious acts; theft or partial theft; earthquake, volcanic eruption or lightning; contact with aircraft or similar falling objects; contact with dock or harbour equipment and installation; perils of the seas (i.e. collision, sinking, heavy weather); and accidents caused by loading, discharging or moving stores, gear and equipment.
Medical payments in case you and your guests are injured.
New boat replacement (for new boats) in case yours is fully damaged (i.e. lost).
Uninsured boater protection: This coverage helps cover your or your passenger’s injuries caused by an underinsured or uninsured boater without liability insurance.
Salvage coverage and wreck removal: This coverage generally extends to costs relating to the raising, removal, destruction, lighting and marking of a ship and wreck of a ship.
Fuel spill liability (i.e. pollution): In addition to standard liability coverage, this portion of a policy covers cleanup claims or third-party damage from the accidental spillage of oil or fuel.

Coverage for others (third party liability coverage)

Damage to another watercraft.
Bodily injury or death of another person.
Damage to other property caused by your watercraft.

Premium boat insurance contracts in Cyprus provide the following limits of liabilities against third parties.

Mediterranean navigational waters limits

Bodily injury with a minimum limit of €300,000 (This is the maximum payable amount for the damage caused to others’ boats).
Property damage with a minimum limit of €150,000.
Sea pollution with a limit of €90,000.

Cyprus navigational waters limits

Bodily injury with minimum limits of €100,000.
Property damage with minimum limits of €100,000.

Optional insurance coverages

Personal effects.
Land transit of the vessel.
Disappearing deductibles.
Mechanical/electrical failure.
Coverage for your fishing equipment.
Coverage for your personal property.
Multiple towing options, on and off the water.

Commercial boat insurance in Cyprus

Commercial boat insurance (also known as charter boat insurance, ocean marine insurance or commercial marine insurance) is a comprehensive policy for boats, including commercial vessel and liability coverage.

A commercial vessel is a vessel that is hired and operated to transport property and passengers or used by its operator or owner to earn a livelihood.

Why should you consider a commercial boat insurance policy?

Suppose you operate a commercial fishing boat, and you’re faced with an unexpected storm and need to head back to moor your boat.

You accidentally collide with another boat as you try to moor your fishing boat. This type of incident is where commercial boat insurance can come in handy.

With the right coverage, your business is protected, and the commercial boat is in safe hands.

With comprehensive commercial boat insurance, the insurer can cover the damage to your boat and the other boat.

Covered types of commercial vessels

What types of commercial vessels need business insurance?

Ferries
Barges
Tugboats
Charter boat
Cruise liners
Boat rental services
Commercial fishing boats
Sightseeing and tour boats
Waterski or boating schools
Inshore and offshore fishing vessels.

All commercial boats that carry paying passengers or transport freight should get insurance.

What commercial insurance protection do you need?

Here’s a list of comprehensive commercial boat insurance policy coverages.

Hull Coverage

Hull insurance covers damages to the physical hull of the insured boat or vessel. It also extends to property damage to another’s boat or property in collision cases.

Aside from physical damage caused by collision, it usually covers damage caused by weather events, fire, sinking, capsizing, and more.

Hull coverage usually includes cover for the vessel itself, unattached equipment, permanently attached equipment, propulsion equipment, and any personal property.

Physical damage to your vessel can be insured at replacement cost or actual cash value.

Exclusions such as normal wear and tear apply to hull coverage.

Pollution Liability Coverage

This insurance coverage relates to protection against pollution damages caused by your commercial vessel.

If your commercial vessel is damaged and sinks or causes an oil spill, you will be held responsible as the owner for the cost of clearing up the wreckage.

If hazardous materials were onboard, you are legally liable for any decontamination and associated costs with cleaning up the wreckage area.

If you have pollution liability coverage, it will cover cleanup expenses up to your policy limits.

Marine Cargo Coverage

This portion of your policy covers any goods you legally transport across domestic and foreign seas.

You are covered by marine cargo insurance from the moment you load products onto your commercial vessel/barge until they are delivered.

However, some insurance companies provide customizable packages to protect commercial goods stored in a warehouse.

Some insurers cover “concealed damage,” i.e. damage discovered after the goods have been delivered.

Your marine cargo policy may cover loss of revenue caused by damages and delays.

Marine Liability Insurance (Protection and Indemnity Coverage)

Also known as protection and indemnity coverage, marine liability insurance protects you from legal liability that might arise from third-party property damage or bodily injury.

This coverage also protects crew or passengers from illness, injury, or death.

While marine liability typically includes some coverage for medical expenses, you want to ensure it’s an appropriate amount.

Marine liability insurance typically includes coverage for medical expenses. However, you can usually have extra protection, sometimes called additional medical payment coverage.

Additional medical payments coverage may cover costs per person versus per incident, which can help supplement your standard liability coverage limits.

If you are sued, marine liability coverage can cover legal, defence, and settlement costs.

Uninsured Boater Coverage

This coverage protects you from those without insurance.

Commercial and personal boats are not always required by law to have liability insurance - you may want uninsured boater coverage for this reason.

Uninsured individuals who cause accidents won’t have the necessary insurance to pay for damages. You might be left to cover the claim.

You can claim against your own policy with uninsured boater coverage to protect your passengers and cover third-party injuries.

Other commercial boat insurance options

There are additional commercial insurance options you may want to consider.

Business Interruption Insurance

This coverage can help cover your lost profits, payroll, bills, and more if your boat is damaged and you can’t operate your business normally.

Business interruption insurance will cover you until you’re back in business.

Workers’ Compensation Insurance

This insurance is helpful if you hire employees. Also referred to as employer’s liability protection or maritime coverage, workers’ compensation can help cover employee medical expenses and lost wages if injured while working for you.

Bumbershoot Insurance

This is a specialized excess liability insurance coverage exclusive to the marine industry.

Liquor Liability

This type of liability insurance will be useful if an intoxicated passenger harms someone else or causes property damage.

Liquor liability is an essential coverage choice if you serve alcohol on your commercial vessel.

Sailing boat insurance in Cyprus

Pitsas Insurances provides special packages exclusively for sailing boats.

With more than 30 years of experience, we can help you insure your sailing boat correctly.

How much is boat insurance in Cyprus?

Various factors influence how much boat insurance costs, including the following:

The value of your boat.
The size of your boat or personal watercraft.
Where the vessel is moored.
How many consecutive months the vessel is laid up.
How you will use your boat or watercraft and how often.
The model and type of boat or watercraft that you want to insure and its maximum designated speed.
The skipper’s experience handling this craft or similar vessels, and 1. The date their license was acquired. 2. Their years of experience handling this type of vessel.
The type and amount of coverage that you choose.

Premiums for commercial boats are significantly higher than recreational ones.

Affordable boat insurance in Cyprus

When searching for cheap boat insurance in Cyprus, it’s important to note that the insurance market is extremely competitive.

As a result of the competition in Cyprus, boat insurance premiums are comparatively the same.

If you want to reduce the cost of your insurance, we recommend you opt out of optional coverages.

Another way to save on your boat insurance is to acquire another contract with the same provider, such as a car, home or medical insurance.

Owning more than one insurance contract from the same company will be rewarded with discounts.

Online boat insurance in Cyprus

Pitsas Insurances is the largest expatriate boat insurance company in Cyprus.

Communicate with one of our insurance specialists, and we will help you find the best boat insurance policy.

Best boat insurance in Cyprus

Pitsas Insurances can provide the best boat insurance policies in Cyprus.

Specifically, we have the following advantages.

Higher limits of liability as per customer’s preference. We can provide coverage up to €5 million.
The flexibility of choice for navigational waters, either in Cyprus or the Black Sea, Aegean Sea, and Eastern Mediterranean.
Coverage for vessels whose speed exceeds 17 knots.
Up to 20% additional discount on your premium when you insure your home with us.

Boat insurance quotes in Cyprus

Pitsas Insurances cooperate with the largest international underwriters in Cyprus.

We can compare boat insurance for you and help you to detect the best insurance offer that corresponds to your needs.

We also provide a guarantee of lower premiums for each insurance provider.

Pitsas Insurances offer you the following:

Competitive rates.
A hassle-free and uncomplicated claims process.
Experienced and knowledgeable insurance staff.
Customizable insurance packages suited to your needs.

To learn more about our boat insurance, see our website.

To receive a hassle-free quote, see here.

Pitsas Insurances Team