The review of the insurance framework of the business And at the same time the extension of the implementation of the measure and the imposition of fines is requested by the President of the Athens Chamber of Crafts (BEA) Konstantinos Damigos by letter to Finance Minister Kyriakos Pierrakakis.
Following the complaints of dozens of craftsmen – members of the Chamber, the BESA administration points out that it is not opposed to the “spirit” of article 5 of Law 5116/2024, however, expresses its concerns about whether its costs in combination with the level of liability and levels.
According to the BEA, the insurance of small and very small businesses is excessively burdened by their operating costs and most entrepreneurs are unable to cover it.
“We observe that the main objective of the law concerns the protection of large businesses to take risks associated with catastrophic natural phenomena and possibly some medium -sized enterprises, once again burdening small, family businesses, for which increased costs of insurance and conditions will be in place.
Insurance companies are also given the opportunity to develop products with specialized coverage, while setting the framework for the size of insurance, contributions and the terms of compensation.
For this reason, insurance companies should be obliged on the one hand in more proportionate premiums, and on the other hand, the cost of providing sufficient coverage, “the Craftsmanship said in his letter.
VEA President Konstantinos Damigos points out the need for:
- Immediate extension of the entry into force and the entry into force of enforcement of administrative fines,
- Introduction of incentives (tax – insurance, etc.) to those companies that fulfill this claim,
- Harmonizing business needs with the technical and financial requirements of the system, in relation to state risk management measures,
- The establishment of a tripartite dialogue, between the administration of insurance companies – businesses, to create and adopt attractive and flexible insurance programs, in the context of fulfillment of the law.
It is recalled that as of June 1, 2025, all businesses with a turnover of over 500,000 euros should have an insurance policy that covers damage to privately owned facilities, from natural disasters at least 70% of the value of their assets.
The law clarifies that where natural disaster means forest fires, floods and earthquakes, which can cause damage or total disasters in facilities, equipment, raw materials, goods, means of production and / or professional vehicles and stored products of the business. In the event of non -compliance with the law, an administrative fine of 10,000 euros is provided, with a doubling of it over time if the entrepreneurs are not in line.