The new law no. 4926/2022 (published in the Government Gazette A' 82), on the modernization of the legislation regarding pleasure yachts and daily cruise vessels, broadens the activity of those vessels, establishes digitalization procedures, createssets of interventions regarding the crew, with the view to protect human life at sea, enhance maritime safety and increase employment The new legislation provides for different types of pleasure vessels; however, all types fall under the same insurance obligations according to their tonnage (see below). Also, the new legislation contains many safety provisions such as the obligation to declare to the authorities the beginning of the operation of vessels, the record- keeping provisions for vessels and charters, the compliance with technical requirements/certification, the special conditions for the operation of foreign flag yachts in the Greek waters etc.

In relation to the insurance obligations: A. With a gross tonnage equal to or greater than 300gt, the insurance should be in accordance with the European Directive 2009/20, which refers to the limits of the International Convention on Limitation of Liability LLMC 1976/1996/2012, as a minimum. B. Pleasure yachts of less than 300gt should be insured as follows: (i) Bodily injury/death of passengers/third parties, €150,000.00 per person and €700,000.00 per incident and €2,100,000.00 in total for the whole insurance period. (ii) Physical damage to passengers and to third parties, €150,000.00 per incident and €450,000.00 in total for the whole insurance period. (iii) Marine pollution, €150,000.00 per incident and €450,000.00 in total for the whole insurance period. Daily cruise vessels: Bodily injury/death of passengers/ third parties, €150,000.00 per person and €1,500,000.00 per incident and €4,500,000.00 in total for the whole insurance period. Regarding other marine risks, the same limits apply as for pleasure yachts. The insurance is evidenced by the certificate of insurance, the original of which is kept on board. C. Daily cruise vessels with a capacity of more than 12 passengers in international waters are subject to the compulsory insurance of the EC Regulation 392/2009 with a maximum limit of 250,000 units of account/SDRs per passenger/per incident.

In addition, the new law provides for the constitution of special companies: (a)NEPA, as owning or managing company of Greek pleasure yachts under commercial exploitation, (ii) EIPA for private owned yachts.
Finally, at a national level, the above legislation is an essential step towards the development of tourism and business. Nevertheless, more needs to be done at an international level, such as the establishing of uniform rules on the granting of the pilot licenses, and, furthermore, the establishing of uniform criteria regarding the foreign flag pleasure yachts, in order to diminish operational difficulties locally in ports and marinas.