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      • Seeking Employment
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      • Insurance
    • Planning your move >
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  • About Cyprus
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Insurance

Insurance is importent

Insurance is no less important in Cyprus than anywhere else. At one time or another we have all heard insurance being described as a necessary evil. However, it is quite possibly more necessary than evil. It is one of those things that you must have but never want to use.

Effectively, anything you own or have a financial interest in can be insured. 
Personal plans are for household contents, buildings, cars, motorcycles etc that are owned as an individual or family. Commercial/Business insurance can take a number of different forms, such as the various kinds of professional liability insurance, public liability, employers liability as well as equipment, stock and vehicles.

Here is a brief explanation of the main types but if you want more information, have any questions or wish to discuss your options further please complete and submit the enquiry form.
 
Car Insurance

Car insurance (usually a legal requirement) protects the policyholder against financial loss in the event of an incident involving a vehicle they own, such as in a traffic collision.
 
Policies typically include cover for damage to or theft of the car, Liability coverage for the legal responsibility for damage to someone else or their property.
 
A ‘Comprehensive’ policy will cover damage to your own vehicle and damage you cause if you are at fault. A ‘Third Party’ policy provides cover for damage you cause to someone else or their property/vehicle but not to yourself or your own vehicle.
 
Health Insurance

Health insurance policies cover the cost of medical treatments. Dental insurance, like medical insurance, protects policyholders for dental costs. In most developed countries, residents receive some health coverage from their governments/state, paid for by taxation. In many countries, health insurance is often part of an employer's benefits.
 
House Insurance

Household insurance provides protection against damage to property from such things as fire, theft, storm, earthquake etc. You may also be able to expand the policy to cover accidental damage.
 
A home insurance policy can include cover for damage to the house structure and the owner's belongings in the home, as well as a limited amount away from the home. Certain legal claims against the owner, and even a small amount of coverage for medical expenses of guests who are injured on the owner's property are often included.
 
Many companies offer ‘add-on’ options for specific things - bicycles and computers or items of particularly high value such as jewellery or pieces of art. Check this with the company or agent.
 
If you are a tenant you can apply for contents only cover and there are also plans specifically for landlords that include cover for loss of rental income in the event of a event that is covered.
 
Income Protection Insurance

Disability insurance policies provide financial support in the event of the policyholder becoming unable to work because of disabling illness or injury. It provides monthly support to help pay mortgages, loans, credit cards etc.
 
Short-term and long-term disability policies are available to individuals. Short-term disability insurance covers a person for a period typically up to 12 months, paying a specified each month to cover loss of income, medical bills and other necessities. Long-term disability insurance covers an individual's expenses for the long term, up until such time as they are considered permanently disabled.

Liability Insurance

Liability insurance covers legal claims against the insured. As stated previously, many types of insurance liability cover.
 
Specific Liability insurance is primarily at businesses and include Public liability insurance, Directors and officers liability insurance.
 
Professional liability insurance, also called professional indemnity insurance (PI), protects professionals such as builders, financial advisers and medical practitioners against potential negligence claims made by their clients/patients.
 
Life Insurance/Assurance

Life insurance provides a monetary benefit the deceased dependent(s) or beneficiary, and may specifically provide income to an insured person's spouse or family as well as burial, funeral and other final expenses.
 
You can have single or joint life plans, they can increase (cover and/or premium) and can be for the whole of your life or last a specific term.
 
Personal Accident Insurance

Personal Accident Insurance (PA) is an annual policy which provides compensation in the event of injury, disability or death caused solely as a result of an accident. You can take a PA policy out as an individual, a family or a group policy, protecting you and them anywhere in the world, anytime of the day.
 
The scope of cover and scale of benefits differ between insurance companies and you should therefore ensure that you purchase a policy which meets your requirements.
 
Pet insurance 

This insures pets against accidents and illnesses. Some plans also offer cover for routine care and burial.
 
Travel insurance
 
Insurance cover taken by those who travel abroad, which covers certain losses such as medical expenses, loss of personal belongings, travel delay, and personal liabilities.


 

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