{"id":13280,"date":"2024-01-17T15:18:14","date_gmt":"2024-01-17T14:18:14","guid":{"rendered":"https:\/\/p-i7kp07.project.space\/?p=13280"},"modified":"2024-01-17T15:18:14","modified_gmt":"2024-01-17T14:18:14","slug":"new-compulsory-insurance-in-hungary-environmental-pollution","status":"publish","type":"post","link":"https:\/\/trustrc.com\/en\/new-compulsory-insurance-in-hungary-environmental-pollution\/","title":{"rendered":"New Compulsory Insurance in Hungary &#8211; Environmental Pollution"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1216.8px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-1\"><p>From the<strong> 1st of January, 2024<\/strong> a new <strong>Government Decree<\/strong> on the detailed rules of <strong>environmental insurance related to waste management<\/strong> entered into force in Hungary &#8211; under the number of 681\/2023. (XII. 29.) -, which establishes an obligation for both <strong>waste managing<\/strong> and <strong>waste producing<\/strong> companies to obtain a proper environmental liability insurance coverage, otherwise they could be a subject to penalty.<\/p>\n<p>According to the Decree, environmental insurance is an insurance product that <strong>serves to finance the mitigation of unforeseen environmental damages<\/strong> related to the waste management or waste producing activities.<\/p>\n<p>In line with the Waste Act, the scope of the regulation not only includes enterprises that manage, but also those that produce waste during their activities<strong>,<\/strong> in case the <strong>volume of generated waste<\/strong> on their premises exceeds:<\/p>\n<ul>\n<li>200 kg of hazardous waste\/year or<\/li>\n<li>2000 kg of non-hazardous waste\/year or<\/li>\n<li>5000 kg of construction and demolition waste\/year.<\/li>\n<\/ul>\n<p>Experts point out, that even larger households can generate 38-40 kilograms of waste weekly, so the amount above is <strong>easily achiavable<\/strong> even for smaller businesses.<\/p>\n<p>Basically, an environmental pollution liability (EIL) coverage must be set up and extended with the coverage of caused biodiversity damages and continuous pollution with a <strong>minimum limit of HUF 10 Million<\/strong> (approx. EUR 28,000)<strong>\/each loss and in all<\/strong>.<\/p>\n<p>The <strong>insurance premium<\/strong> depends on various factors, such as the nature and size of the business or the degree of hazardousness of the waste.<\/p>\n<p>It is also important to note that the new regulation <strong>does not provide a grace period, <\/strong>but it is possible to acquire a <strong>retroactive coverage <\/strong>provided by the insurance companies.<\/p>\n<p>The retroactive date should be <em>1st January 2024.<\/em><\/p>\n<p>The environmental liability insurances previously available on the market typically do not comply with the new regulations, therefore it is vital to <strong>review the existing policies <\/strong>to assure being in line with the provisions. Basically, regarding <strong>waste production<\/strong>, an <em>environmental<\/em> <em>pollution liability (EIL) coverage<\/em> must be set up and extended with the coverage of <em>caused biodiversity damages\/continuous pollution.<\/em><\/p>\n<p>A proper environmental insurance cover is fully <strong>available from the local market<\/strong>, however if a local admitted liability program policy is endorsed with environmental pollution liability (which is also extended with the caused biodiversity damages\/continuous pollution), this set-up can be approved also.<\/p>\n<p>The key problematic point of international liability programs is, that the majority of FOS and\/or local-admitted liability policies include an exclusion of <strong><em>any legal liability for which a compulsory insurance is locally required.<\/em><\/strong><\/p>\n<p>Therefore we do recommend to place these risks via a standalone local policy on the Hungarian insurance market.<\/p>\n<\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"align-self: center;margin-left: auto;margin-right: auto;flex-grow:2;width:100%;\"><div class=\"fusion-separator-border sep-double\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;border-bottom-width:1px;\"><\/div><\/div><div class=\"fusion-text fusion-text-2\"><p><span style=\"color: #32287d;\"><em>Budapest, 17.01.2024<\/em><\/span><\/p>\n<p><span style=\"color: #32287d;\">Prepared by Jozsef Hegyi \/ Director of international business at <a style=\"color: #32287d;\" href=\"https:\/\/www.renomia.com\">RENOMIA Hungary<\/a><\/span><\/p>\n<\/div><div class=\"fusion-image-element \" style=\"text-align:center;--awb-caption-title-font-family:var(--h2_typography-font-family);--awb-caption-title-font-weight:var(--h2_typography-font-weight);--awb-caption-title-font-style:var(--h2_typography-font-style);--awb-caption-title-size:var(--h2_typography-font-size);--awb-caption-title-transform:var(--h2_typography-text-transform);--awb-caption-title-line-height:var(--h2_typography-line-height);--awb-caption-title-letter-spacing:var(--h2_typography-letter-spacing);\"><span class=\" fusion-imageframe imageframe-none imageframe-1 hover-type-none\"><a class=\"fusion-no-lightbox\" href=\"https:\/\/www.renomia.com\" target=\"_self\" aria-label=\"Renomia\"><img decoding=\"async\" width=\"300\" height=\"247\" alt=\"https:\/\/www.renomia.com\" src=\"https:\/\/trustrc.com\/wp-content\/uploads\/2021\/03\/Renomia-300x247.jpg\" class=\"img-responsive wp-image-9325\" srcset=\"https:\/\/trustrc.com\/wp-content\/uploads\/2021\/03\/Renomia-200x165.jpg 200w, https:\/\/trustrc.com\/wp-content\/uploads\/2021\/03\/Renomia-400x330.jpg 400w, https:\/\/trustrc.com\/wp-content\/uploads\/2021\/03\/Renomia-600x494.jpg 600w, https:\/\/trustrc.com\/wp-content\/uploads\/2021\/03\/Renomia-800x659.jpg 800w, https:\/\/trustrc.com\/wp-content\/uploads\/2021\/03\/Renomia.jpg 853w\" sizes=\"(max-width: 1024px) 100vw, (max-width: 640px) 100vw, 300px\" \/><\/a><\/span><\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":764,"featured_media":13288,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[89],"tags":[],"class_list":["post-13280","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New Compulsory Insurance in Hungary - Environmental Pollution - Trust Risk Control<\/title>\n<meta name=\"description\" content=\"From the 1st of January, 2024 a new Government Decree on the detailed rules of environmental insurance related to waste management entered into force in Hungary - under the number of 681\/2023. 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