Vehicle owners in Greece will be obligated to insure their automobiles against natural disasters like forest fires, earthquakes, and floods as of June 1. In addition, entrepreneurs will also be compelled to insure their businesses under the legislation.
The new insurance coverage against natural disasters will be based on the current market value of the vehicles, which includes immobilized vehicles. More specifically, insurance against natural disasters becomes mandatory for businesses with an annual turnover exceeding €500,000. This applies to natural disasters such as forest fires, floods, and earthquakes.
Business insurance must cover buildings and facilities, equipment, raw materials, and merchandise.
In addition, the new legislation compels mandatory insurance for commercial vehicles and trucks, production means, and stored products. Businesses that are already insured against natural disasters are considered compliant.
In case business or vehicle owners fail to comply with the new measures, they will face a €10,000 fine if insurance is not obtained; a €20,000 fine will be imposed if the business remains uninsured 30 days after the deadline; and uninsured businesses will not be eligible for any form of state aid or housing assistance if they incur damages from such natural disasters.
