From 1 January 2013, all state-owned buildings must be insured against earthquakes and natural disasters, under draft changes filed in Parliament.
The requirement for compulsory insurance excludes the possibility of self-insurance.
Bulgaria is located in a seismically active area of the world and the Government wishes to ensure that, in the event of an earthquake, the cost of any repairs can be met. Earthquake cover is not currently within the scope of most policies offered by insurance companies and would require an additional premium.
The timescale for the changes is intended to allow sufficient time for all state-funded institutions to reorganize their finances to afford the extra cost of insurance.
Law: amendments to the State Property Act published in State Gazette issue 45/15.06.2012