What is the mandatory insurance by law for Greece?
According to the law 4926/2022, all pleasure boats and tourist commercial vessels of < 300 GT are required to have a minimum third party liability cover for bodily injury or death, property damage and marine pollution caused by collision, collision, wreck or any other cause constituting a maritime accident.
The owner or operator of a pleasure boat or commercial tourist day-trip vessel shall have valid insurance in accordance with par. 2 and 3, to cover the risks and claims referred to above which arise during navigation, docking and anchoring. The existence of the required insurance shall be evidenced by one or more certificates, in Greek or English, held on board the ship.
A framework of compulsory insurance for a leisure or tourist day-trip vessel of less than 300 gt gross tonnage shall be established to cover, as a minimum, Third Party Liability for bodily injury or death, damage to property and marine pollution caused by collision, collision, wreck or any other cause constituting a maritime accident, as follows:
a. For pleasure craft, the following minimum coverage limits apply, per risk:
aa.Third Party Liability for death or bodily injury of passengers and third parties, one hundred and fifty thousand (150,000) euros, per person and seven hundred thousand (700,000) euros, per incident,
ab. Third Party Liabilityfor material damage to passengers and third parties, one hundred and fifty thousand (150,000) euros, per incident,
ac.Third Party Liability for causing marine pollution, one hundred and fifty thousand (150,000) euros, per incident.
b. For commercial cruise dayboats , the following minimum coverage limits apply, per risk undertaken:
ba. Third Party Liabilityfor death or bodily injury of passengers and third parties, one hundred and fifty thousand (150,000) euros, per person and one and a half million (1,500,000) euros, per incident,
bb.Third Party Liability for material damage to passengers and one hundred and fifty thousand (150,000) euros, per incident,
bc.Third Party Liability for causing marine pollution, one hundred and fifty thousand (150,000) euros, per incident.
For which yachts does this apply?
For the purposes of this law, the terms used shall have the following meanings:
a. "Recreational vessel": a vessel of more than seven (7) meters in overall length, sailing or motorized, whose principal intended use is the performance of pleasure trips, based on its general construction.
b. "Private pleasure boat": a pleasure boat, which is classified as a private vessel under the law of the flag State of which it flies and is used for private purposes, and not for any commercial or profit-making activity, subject to the provisions of paragraph 1.1.
c."Commercial yacht": a yacht which is classified as a commercial yacht, in accordance with the law of the flag State of which it is flying, for the operation of which a charter party is concluded, subject to the provisions of Article par 6. A commercial pleasure boat shall have a capacity of up to forty-nine (49) passengers and shall have adequate and suitable accommodation facilities, especially for passengers.
d."Commercial Tourist Day Vessel": a small commercial passenger vessel, within the meaning of the General Port Regulation No. 23, as approved by Decision No 2122/01/2000/11.2.2000 of the Minister of Merchant Shipping (B 231), or the pleasure boat or the passenger tourist boat which performs sightseeing voyages of limited duration for the purpose of sea tourism or sea bathing, in accordance with the terms and conditions of Article 10.
Regardless of their length, the above applies to all speedboats.
Speedboat : Any motorized recreational vessel which is privately owned or leased or used by the lessor and
(a) Regardless of its type and/or material of construction it carries:
- an outboard engine with a continuous horsepower of more than 30 hp; or - an inboard/outboard engine or an inboard gasoline engine with a maximum continuous horsepower of more than 40 hp; or
- an inboard diesel engine of more than 70 hp; or
(b) It is of the pneumatic type (inflatable) in whole or in part or, irrespective of the material of construction, is of double or multiple hull or V-type hull and carries:
- an outboard engine with a maximum continuous horsepower of more than 15 hp; or
- an inboard/outboard engine or an inboard petrol engine with a maximum continuous horsepower of more than 40 hp; or
- an inboard diesel engine with a maximum continuous horsepower of more than 50 hp; or
(c) Regardless of its type or material of construction, has an engine with a maximum continuous horsepower of more than 15 hp and has a water iet propulsion system.)
A speedboat is also considered to be a marine moped and a Hover Craft, the meaning of which is given in these General Port Regulations (i.e. in No. 20)
