Problems in ferry insurance

Many of the 300 ferries and small tourism boats in Greece are underinsured, since the premiums paid out for insurance coverage are too low and are not in keeping with international standards. Ship insurance sources told Kathimerini that tourism boats that perform day trips are insured according to a law that actually applies to private or professional yachts. Furthermore, ferries have insurance that in practice cannot cover all the liabilities that may emerge from a shipwreck or an accident. These concern the civic liabilities of passengers, private cars, personal damage, sea pollution, third-party material damage and more. On the contrary, coastal ships are insured at P&I Clubs of London, enjoying full coverage, not just for a major accident but also for a small one, such as damage to a private car inside the vessel, minor injury or loss of luggage. The matter of premiums in the categories of ferries and small tourism boats is under examination by the Merchant Marine Ministry. A special committee has been set up, on the orders of Minister Manolis Kefaloyiannis, consisting of ministry officials and representatives of ferries, small tourism boats and the Association of Insurance Companies. The committee’s aim is to examine the issue and propose which liabilities the vessels should be covered for and for what amounts. Consultation was completed last September and proposals were forwarded to the minister, but since then there has been no development whatsoever.

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