The Polish Ministry of Finance is currently drafting a new regulation on technical inspections of commercial yachts. The regulation aims to strengthen the security of seafarers by increasing the requirements related to the compulsory liability insurance of entities that are responsible for performing such inspections.
According to the regulatory impact assessment (RIA) document released by the Finance Ministry, it is estimated that the draft regulation will have impact on some 30 Poland-based insurers.
The RIA has not yet disclosed how the new regulation is expected to impact on the prices of technical inspections of commercial yachts.
The regulation concerns craft with a length of 15m-plus (49ft).
According to the draft, the minimum amount of the liability insurance will be some €250,000 (US$280,000) per yacht.
The draft regulation has been submitted for a public consultation to a number of local stakeholders including other government entities and local industry associations, such as the Polish Sailing Association (PZZ) and Boat Owners’ Society (SAJ).
The Finance Ministry is developing the draft in cooperation with the Polish Ministry of Maritime Economy and Inland Sailing.