Disaster insurance, mandatory for businesses - Greece launches application. Which companies are exempt from the measure?
The joint decision of several Greek ministries on mandatory insurance of businesses against natural disasters has entered into force.
The article, adopted on July 1, 2024, provided for the obligation to insure the premises and equipment of businesses, at least 70% of total assets, against the risks of forest fires, floods and earthquakes.
The joint ministerial decision covers businesses with annual gross revenues of over 500,000 euros. Public sector bodies and unauthorized constructions that do not receive state aid are exempt from compulsory insurance. Ships, trains, aircraft and other means of transport, as well as all types of infrastructure, are also exempt from the decision.
The same applies to agricultural crops, plant production, fish farming and livestock, as well as newly established companies that have not yet published financial statements.
In addition, an exclusion procedure is provided for those businesses that cannot be insured for some or all of their assets.
After receiving two negative responses to insurance requests from different companies, the enterprises in question are exempted from the insurance obligation for a period of two years. If, after this period, they receive two more negative responses, their exemption from the insurance obligation for natural disasters becomes permanent.
An independent administrative fine of 10,000 euros is imposed by the Market Control Unit for businesses that do not comply with the obligations of the Joint Ministerial Decree. The responsible company must take action within 30 days of notification, otherwise the fine will be doubled.
The decision is part of a broader national strategy, which aims to harmonize state aid and the private insurance market against the risk of natural disasters.
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