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While the Law that compels housing insurance against earthquakes has entered an advanced stage and has been issued for public consultation, it stipulates that entities will be compensated only for property damage and for no other damage. More specifically, the draft excludes other damages of any kind, with the exception of the insured property.
Thus, all bodily injuries, including death, as well as moral damages, will be excluded from compulsory earthquake insurance coverage. Also excluded are all items inside the dwelling of the insured object.
Meanwhile, the affected will also be forced to cover the costs related to the removal and displacement of waste. Also, the compulsory insurance scheme does not take over compensations when it comes to financial loss from business interruption and lost profit.
The earthquake of November 2019 has prompted the Government to sanction by law the obligation to secure housing from these types of fake houses, a practice that is applied in different countries, such as Turkey or Romania. The law is in the stage of public consultation, and aims to cover the financial losses suffered by the insured due to direct damage to the insured property.
The obligation to purchase an insurance policy against earthquakes, which will have a duration of one year, will be for every entity that owns a dwelling, as well as entities of social housing for rent, including dwellings in the process of legalization.
The law provides for the creation of the National Earthquake Fund, which will be owned by the state and managed by the Minister of Finance. The fund will be financed by insurance policies, commissions received from reinsurance transactions and investment income. The fund will be responsible for the sale of insurance policies; administration of mandatory earthquake insurance premiums; creating benefits from the investment of income from insurance policies; premium reinsurance. The most important function of the fund will be the treatment and payment of damages covered by the mandatory earthquake insurance policy./ Scantv
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