Starting in June 2025, all businesses with annual gross revenue exceeding \u20ac500,000 are required to obtain insurance coverage, according to Law 5116\/2024 and implementing Decision 96806 EX 3-6-2025.<\/p>\n
What the Mandatory Insurance Includes<\/p>\n
Obligated businesses must insure, at least, against the following risks:<\/p>\n
\u2022 forest fire<\/p>\n
\u2022 flood<\/p>\n
\u2022 earthquake<\/p>\n
with a minimum coverage of 70% of the value of all assets subject to the obligation.<\/p>\n
The coverage applies to:<\/p>\n
\u2022 owned building facilities<\/p>\n
\u2022 equipment and machinery<\/p>\n
\u2022 raw materials and inventory<\/p>\n
\u2022 merchandise<\/p>\n
\u2022 trucks and commercial vehicles<\/p>\n
\u2022 production means and stored products<\/p>\n
Penalties for Non-Compliance<\/p>\n
Businesses that fail to obtain the required insurance:<\/p>\n
\u2022 Are subject to an administrative fine of \u20ac10,000 imposed by DIMEA.<\/p>\n
\u2022 If they do not comply within 30 days from notification of the fine, the fine is doubled.<\/p>\n
Additionally, from 1\/6\/2025 onward, uninsured obligated businesses are excluded from all forms of state aid, including housing assistance, in the event of damage caused by the above natural phenomena.<\/p>\n
Who Is Exempt from the Insurance Requirement<\/p>\n
The following are exempt:<\/p>\n
\u2022 the State and public sector entities, as well as the Public Properties Company (ETAD S.A.)<\/p>\n
\u2022 unauthorized constructions not eligible for state aid<\/p>\n
\u2022 ships, trains, aircraft, and other means of transport considered equipment<\/p>\n
\u2022 aerial, underground, and underwater infrastructure (including mines)<\/p>\n
\u2022 agricultural crops, plant production, aquaculture, livestock<\/p>\n
\u2022 newly established businesses without published financial statements<\/p>\n
Exemption Procedure Due to Inability to Obtain Insurance<\/p>\n
Businesses unable to secure insurance may be exempt under certain conditions:<\/p>\n
1. If they receive two negative responses from different insurance companies, they are exempt for two years.<\/p>\n
2. After the two-year period, they must reapply. If they again receive two negative responses, the exemption becomes permanent.<\/p>\n
3. If the negative responses concern specific risks or specific assets, the exemption applies only to those.<\/p>\n","protected":false},"excerpt":{"rendered":"
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