Everything you must know about compulsory insurance

Compulsory insurance is required by law to a person or group of people, in order to maintain insurance coverage in force against their defined legal liability or property.

It's required by law and are obliged to make such insurance.

According to the law the following insurances are compulsory:

Motor, it was first applied in 1954. Subsequently, in 1992 it was extended to cover the legal liability of the driver on the road for causing death and / or personal injury to third parties as well as material damage to third parties' property.
The minimum limits on this insurance as provided by law are:
- Injury or death of any person € 33,540,000
- Damage to third party property €1.120,000
- Medical Insurance per person €35,00

Legal Employer Liability, Entered into force on 1/11/1997. Under this compulsory insurance, employers are required to maintain insurance coverage against their legal liability for injury, death or occupational illness of their employees. It is important to note that the above should unfold during the performance of their duties.
The minimum limits on this insurance as provided by law are:
- For each incident €160,000
- For each incident or series of incidents from the same cause of action €3,415,000
- For the insured period €5.125,000

Insurance of Commonly Owned Buildings, The Management Committee of any building other than 5 units must maintain, in its name, insurance against fire, lightning and earthquake. The amount of insurance is determined by the Management Committee according to the replacement value of the property.

Professional Liability of Real Estate Agents, Every Real Estate Agent is obliged to maintain insurance coverage against its Professional Liability to third parties. It covers the Insured's legal liability for payment of damages in respect of claims made against him for breach of professional duty arising out of the Insured's negligence, mistake or omission.
According to the legislation the minimum liability limit is €85,342.

Insurance Brokers Professional Liability, Like Real Estate Agents and Insurance Brokers, they must maintain insurance coverage against their Professional Liability.
The Insurance Limits as set forth in the Insurance Act and other related matters are:
- For each incident €1.000,000
- For the insured period €1.500,000

Hospital Care Insurance for Foreign EmployeesAccording to this compulsory insurance, any non-Community Foreign Employee must maintain such insurance. This is a prerequisite for the issuance or renewal of entry and residence permits as well as employment in the country.

Professional Liability for LawyersBased on the amendment to the Bar Law, the Bar Association has decided that no license to practice the profession will be issued or renewed unless insurance against liability for professional negligence, error or omission is provided.

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