Navigators and General has launched a new yacht cover following changes in Greek law.
Vessels bound for Greek waters must now have cover for collisions, damage and pollution under the tight new legislation.
The laws, recently introduced by the Greek Government, state that all private and professional pleasure craft, including charter yachts, must have cover of 100m Greek drachmae (£180,000) for death and injury caused by collision, sinking or other incidents. Insurance liability must be for both those on board and third parties.
Damage cover must be at least 50m drachmae (£90,000) while liability against sea pollution is set at 30m drachmae (£50,000).
The definition of pollution under the new law is, however, still to be tested, and insurers are worried that over-zealous officials might throw the book at minor oil discharges, for example, which often occur accidentally with automatic bilge pumps.
The legislation also requires that all vessels carry a certificate confirming that minimum levels have been met, with failure to do so resulting in fines or prison.
Rod Daniel, director of Navigators and General, said: “Anyone intending to visit Greek waters is recommended to check with their insurance advisor that they have the necessary cover and documentation. Port authorities can impose imprisonment and fines of up to 5m Greek Drachmae for violations.”