As of today, June 1, 2022, the new law no. 4926 (Government Gazette A’ 82/20-04-2022), “Modernization of the institutional framework for the activation of pleasure boats and tourist day boats, the enhancement of the competitiveness of the professional pleasure boats sector and other provisions”, which brings, among other things, changes in boat insurance.
What are these changes in boat insurance?
Initially it should be noted that the changes concern “yachts, private and professional (rented), with a gross tonnage of less than 300 gt, jet ski, including non-motorized waterborne means such as pedal boats, canoes, etc. The law applies to motorboats and does not apply to other vessels such as barges, tugs, routing vessels and professional fishing vessels.”
The main changes are the increase in the minimum thresholds for compulsory liability insurance on personal pleasure craft and the imposition of an overall ceiling for the period of insurance. Finally, the mandatory insurance coverage is extended during the permanent mooring and the anchorage of ships / yachts. After the changes in boat insurance, the upper limit and the new minimum limits of compulsory liability insurance against third parties and passengers are the following:
- The maximum liability for the insurance period for bodily injury, death, material damage and/or marine pollution will not exceed 3,000,000 Euros
- Bodily injuries/Death by accident per person 150,000 Euros
- Bodily injuries/Death by accident per incident 700,000 Euros
- Bodily injuries/Death maximum in the insurance period 2,100,000 Euros
- Material damage with a maximum per incident of 150,000 Euros
- Material damages with a maximum in the insurance period of 450,000 Euros
- Marine pollution with a maximum per incident limit of 150,000 Euros
- Marine pollution with a maximum in the insurance period of 450,000 Euros
What should the insured know?
- Policyholders affected by the new changes in boat insurance, with a valid contract should contact their insurance agents immediately in order to undertake the supplementary changes that will cover the new limits set under the new law.
- Additional transactions in contracts before June 1st and new contracts after June 1st, must be held on board, in order to show them to the authorities if requested.
- As of June 1st, port authorities will not accept contracts without the new legal covers.