Reforming the Law on Warranties, Disclosures and Misrepresentation in Cypriot Marine Insurance: Should Cyprus Follow the UK’s Insurance Act 2015?

Since the establishment of the first Cypriot insurance company, the country has been relying on English common law in resolving marine insurance disputes. Due to the lack of Cypriot marine insurance legislation and the hap-hazard manner in which Cypriot Courts decide cases, the purpose of this study is to examine both the existing Cypriot Law and the UK equivalent on which it is based to determine the best possible legal development for Cyprus. The main focus of this thesis is the drafting of its own marine insurance legislation that should be considered as a priority because of the country’s reliance on the maritime industry. This is important for two main reasons – firstly, legal, so that Cyprus can develop its own legal system for marine insurance and promote certainty for these commercial contracts, both during formation and during disputes. Second, by doing so, providing the parties involved in marine insurance with an up to date and country appropriate regime to rely upon. The reforms that the UK law has undergone will be of core value in the process of establishing the provisions that Cyprus should incorporate due to the historical reliance on UK rules. This will be achieved through focusing on the most controversial areas of the law namely warranties, misrepresentation and disclosure. The thesis focuses on evaluating the UK Insurance Act 2015 (IA) and asks whether Cyprus should follow this legislation or determine its own path. The background hypothesis however stands that Cyprus is in need of its own Marine Insurance Act and therefore the thesis’ conclusion and proposed legislation takes into account all aspects of a marine insurance contract. Recommendations are posited towards drafting an Act for insurance contracts specific to marine adventures for Cyprus.