With the definitive approval by the Senate, the decree law that introduces the obligation to insurance Against the damage deriving from natural magnets has become operational. The measure, passed with 78 votes in favor and 53 abstentions, had already been approved by the Chamber on May 8 and applies to companies based in Italy.
The law on anti -alaw policies consists of two articles and modifies the times for adaptation to the insurance obligation, introducing differentiated extensions based on the corporate dimension. Large companies will have to adapt By March 31, 2025term already provided for by the previous legislation. For medium -sized enterprises, the deadline slips to 1 October 2025, while small and micro companies will have until 31 December 2025.
In addition, for companies already subject to the obligation, the application of sanctions for a period of 90 days is suspended. This temporary measure allows companies to get in order without immediately incurring penalty.
What is compulsory insurance covers
The law establishes that the businesses they will have to ensure both movable and immobile property. The value to be ensured will be determined according to the type of good:
- For properties, the reconstruction value is considered to be new;
- for movable property, the replacement cost;
- For land, the cost of restoring.
Even buildings subject to amnesty or amnesty must also be included in the coverage of the insurance against natural disasters. In the case of rented properties, the compensation will be recognized to the owner, who will have the obligation to reinvest him in the reconstruction of the damaged property.
Incentives and controls
The provision provides for concessions for large companies that choose unified insurance coverage for all group companies. In these cases, the possibility of exemption from uncovered or deductibles up to 15% of the damage suffered.
To ensure the balance of the market and prevent unjustified increases, the decree entrusts the Institute for Supervisory Supervisory (IVASS) and the Guarantor for Price Surveillance the task of monitoring the trend of insurance premiums. “Monitoring will serve to avoid distortions and protect companies and consumers,” the Ministry of Economy underlined.
The objective of obligation to insurance for companies in the event of calamity is to ensure effective protection against natural risks, while making the cost of policies for activities of any kind sustainable.
The main causes of compensation
Insurance against damages derived from natural disasters determined compensation only for certain causes:
- Brusk movements of the earth’s crust that cause structural damage to buildings and plants.
- the exit of waterways from the banks, causing damage to buildings and movable property.
- landslides that can damage buildings, plants and soils.
In some policies there are refunds for the loss of revenues due to the interruption of the activity caused by natural events. It should be specified that the insurance does not cover damage from fires unless they are direct consequence of a catastrophic event and those caused by events other than those specified.
