Greece - Insurance new requirements

[Roberto]

Hello,
I just read on some foreing forum: from Jun 1st Greece has modified their requirements for yacht insurance, some insurance companies are not modifying their conditions, so such boats will not comply with these new requirements. --> check your policy
Sorry I do not know the details I am sure someone will have them, or maybe ask your marina Lefkada Preveza must surely know.

 

[Hooligan]

I believe that they have changed the cover limits ie increased the mandatory cover needed for certain activities. My insurer sent me a new policy note meeting the new requirements which is how I knew about the change. I suspect that all insurers will do this IF they know you are in Greece. But you should definitely enquire with insurer if they have not updated your policy automatically

 

[billcole]

The new mandatory amounts are, I believe, as follows...

Injury/Death €150,000 per person/passenger
€700,000 any one Accident or Occurrence
€2,100,100 in the aggregate for the whole policy period

Damage to Property €150,000 per Accident or Occurrence
€450,000 in the aggregate for the whole policy period

Sea Pollution €150,000 per Accident or Occurrence
€450,000 in the aggregate for the whole policy period

 

[Cariadco]

Emailed my Insurance this morning, quoting billcole above, and they emailed me back, with a newly written insurance Certificate.
They told me that typically, Greece is very slow in informing the Insurance world of any changes, and that the first they usually hear of any changes, is when their customers tell them!!

 

[Clancy Moped]

The sea pollution bit was in the last round up approx 5 years ago, no?

 

[Cariadco]

The sea pollution bit was in the last round up approx 5 years ago, no?

Yes, but I think was about 4 years ago.

 

[ashtead]

Should any insurer sell you a policy not meeting mandatory local requirements I would suspect they would be in breach of regulatory requirements as not meeting customer needs and any ombudsman would deem cover applied but I’m not an expert in Greek insurance law even though it is EU driven however no bad thing to tell your insurer but all the major eu insurers should know as they have compliance teams to brief underwriters on needs for such changes if covering in territory.