CricInfo title Cyprus government launches new insurance regime for Cypriot properties article Citing the “unusual” financial situation, Cyprus’ government on Monday launched a new insurance scheme, which it hopes will help ease the financial burdens of its residents.
The new insurance framework, which was announced by Finance Minister Nicos Voutsis on Monday, aims to cover property owners who are not registered with any insurance company, but are liable for property damage, accidents, and legal disputes.
It will be offered through a system of insurance trusts that will allow property owners to purchase their own insurance policies.
Voutsis said the government will also make it easier for Cyperans to switch to insurance trusts.
“We need to make it more difficult for people to move between insurance and property,” he said.
“We want to make sure that everyone has access to insurance.”
According to Voutsys, the scheme is designed to cover more than 200,000 properties in Cyprus, which is the biggest single population of Cyprus.
The plan will be a continuation of the Cyprus-based insurance scheme launched in 2014, when a government plan to offer insurance to a large number of people was approved.
The scheme, however, has been controversial in the country, which has seen a string of suicides and murders over the past year, and is expected to be the first such insurance scheme in the region.
According to the plan, all property owners will be able to purchase insurance from a trust company, which will be owned by their bank, and will be used to cover losses from property damage and accidents.
It also aims to make life easier for owners, as the trust company will be responsible for the collection of property insurance premiums.
“All property owners can purchase their insurance with their own bank account, and the trust will provide a guarantee that the insurance company will cover all costs,” Voutsies said.
“This is the first step of the insurance plan.
We hope to introduce it soon.”
Property owners are required to register their property with an insurance company as a condition for using it, and any loss is to be paid directly by the owner.
The scheme will be implemented by a new trust company that will be set up by the Cypriots government, and which will take care of all the paperwork and compliance.
However, the plan is expected not to provide any guarantee of property owners’ liability insurance, and may not cover any insurance policies for private entities.
Voutis added that there are two possible scenarios where a property owner could be liable for damages: “If they are the owner of a building or they are in possession of a car or if they are a private company, we don’t think there is a problem with them being liable,” he added.
The government will only issue insurance to the insured for up to three years, and owners will also be required to sign a contract with the trust and agree to the terms of the policy, which they will have to pay for themselves.
The Cyprios insurance company is currently under a state of emergency imposed by the previous government.
In addition to the new insurance policy, the government has launched an initiative to offer a “safety guarantee” for property owners.
This means that the trust can provide up to 100 per cent of the premium for any property damage or accident to property owners, according to the news agency AFP.
In a statement, Voutssos said the scheme would provide “safety to the citizens of Cyprus, as it would be a guarantee to them that they will be protected against losses of property and against property loss”.