Insurance policies must be executed by December 31, 2024, and events to be insured include earthquakes, floods, landslides, floods, and overflows. This regulation applies to companies that indicate in their balance sheet real estate (land and buildings), plant and machinery, industrial and commercial equipment on the Italian territory (assets and goods that shall be covered by the insurance) and does not apply to farms.
With Law no. 213 of 30 December 2023, companies with a registered office in Italy or abroad but with a permanent establishment (branches) in Italy compelled to register in the Register of Enterprises, are required to stipulate – by 31 December 2024 – insurance contracts to cover damage to real estate (land and buildings), plant and machinery, industrial and commercial equipment (the obligation is triggered for companies that indicate the assets in their balance sheet pursuant to art. 2424 of the Italian Civil Code, paragraph 1, Assets section, item B-II, 1), 2) and 3) directly caused by natural disasters and catastrophic events occurring on the national territory which include earthquakes, floods, landslides, and overflows.
