Notice in respect of Italian risks/policies
This notice is being posted in our capacity as the insurer of Italian risks, in order to satisfy relevant requirements under Italian insurance law.
As you may be aware, following the United Kingdom’s withdrawal from the European Union, effective on 31 December 2020, The London Steam-Ship Owners' Mutual Insurance Association Limited ("LSSO London") has become a third-country insurance undertaking. LSSO London is no longer authorised to operate on a “freedom of services” basis in Italy and will accordingly be operating under a statutory “run off regime” with effect from 1 January 2021.
This means that after 1 January LSSO London will not:
- underwrite new insurance contracts
- renew or extend any existing insurance contracts relating to Italian risks; and/or
- require the payment of additional premium or accept new payments in respect of Italian risks, except for those provided for in an existing insurance contract.
LSSO London will, in any event, ensure the proper performance of its existing insurance contracts and will continue to fulfil its contractual obligations to the insureds (including in relation to the management of claims and claims payments) under policies issued by it before 31 December 2020.
All new policies to be issued by The London P&I Club in respect of Italian and other EEA risks will now be issued by The London P&I Insurance Company (Europe) Ltd, a company authorised in Cyprus and authorised to operate in Italy on a “freedom of services” basis.
If you have any questions regarding the contents of this notice, please contact email@example.com.