The transportation of goods by sea, air or land is exposed to risks of loss and/or damage to the goods while they are in transit between the points of origin and final destination. Damage can occur while the ship is in port, or in transit to the warehouse or at the warehouse itself.

The cost of insuring the cargo whilst it is being transported is negligible compared to its value and insuring it is a safe way for merchants to secure their interests.

G.A.P Vassilopoulos acting as Coverholders on behalf of IGI (International General Insurance Company) has been providing Marine Cargo Insurance to the Cyprus Market for the past 40 years.

Cover can be provided in accordance to the client’s demands and needs on either a ‘Single Shipment’ policy or on an ‘Open Cover’ policy.

Our policies are covered under the Institute Cargo Clauses. These set of Cargo Clauses, although not compulsory, are voluntarily adopted as standard terms by many international marine insurance organisations.

The basic clauses are the following:    

• Institute Cargo Clauses (A) 1/1/09 (A) 1/1/09 

This is the widest cover and it covers loss of or damage to the insured goods as per Institute Cargo Clauses (B) plus accidental external causes such as rainwater, hook damage, malicious damage, breakage, pilferage and theft.

• Institute Cargo Clauses (B) 1/1/09

This is a less restrictive cover and it covers loss of or damage to the insured goods as per the Institute Cargo Clauses (C) plus Washing Overboard, Earthquake, Volcanic Eruption, Entry of sea, lake, river water into the vessel/craft/hold/conveyance/container/lift van/ or place of storage damage and total loss of any package lost overboard or dropped whilst loading/unloading from/to the vessel. 

• Institute Cargo Clauses (C) 1/1/09

This is the most restrictive cover and it covers loss of or damage to the insured goods due to Fire and Explosion, Stranding, Sinking, Capsizing, Overturning of a lorry or train, collision, discharge at a port of distress, General Average sacrifice and jettison.