How to Insure a Marina Against Natural and Man made Disasters

Description

The Marina of Larnaca is until today (1995), the heart and spinal cord of Nautical tourism in the Republic of Cyprus. The island of Cyprus is situated in the Eastern Mediterranean basin 110 nautical miles from the coast of Lebanon, 145 (nm) from Israel, 200 (n.m) from the Island of Rhodes and only 43 nautical miles from the south coast of Turkey. As a result of a Turkish military invasion on the Island in 1974, the economy was completely destroyed. The development and operation of Larnaca Marina, on the East coast (Lat 34 54.8 North and 33 38.5 East) was only a minute fraction of a major economy-revival effort undertaken by the People and the Government of the Republic of Cyprus. The operation of the Marina commenced in June 1976 under the Cyprus Tourism organization, a semi-Governmental member of the Republics` Ministry of Commerce Industry and Tourism. The marina was designed by Bertlin & Partners and initially had a total capacity of 230 places. Its main objective was to support and enhance the local economy through the provision of services to foreign yachting. Some of the main constraints in 1976 were: (a) The Marina was positioned in the so called noninsurable, high risk, war-zone, therefore most of the major yacht insurance companies did not cover any vessel sailing in this region, (b) the particular area and the entire region was at the time, completely unknown to the Yachting world, in addition to the fact that the Marina is located over 200 nautical miles off the normal Red-Sea, Suez Canal, Aegean sea, yachting routes. Today Larnaca Marina is the largest of the only two Marinas on the Island, with a total capacity of 450 vessels.