ITIC Europe

ITIC Europe

Following the United Kingdom’s departure from the European Union in 2020 and the conclusion of the transition period on 31st December 2020, ITIC put in place arrangements to provide service continuity to its policyholders for risks located in the EEA.

With effect from 1st November 2019 all of ITIC’s EEA business has been written by UKNV, as a fronting insurer for ITIC. This business was then 100% reinsured back to ITIC.

ITIC considered this an interim solution for a so called “hard” Brexit that could be unwound easily in case the UK would remain in or rejoin the EU Single Market.

As this now appears to be unlikely ITIC has decided to establish its own EU based subsidiary, International Transport Intermediaries Insurance Company (Europe) Ltd (ITIICE), incorporated in Cyprus, to insure the risks located in the EEA currently fronted by UKNV.

ITIC Europe obtained regulatory approval from the Insurance Companies Control Service of the Cyprus Ministry of Finance in November 2023 and began underwriting on 14th February 2024.

ITIC Europe Rule Book

The ITIC Europe rule book is applicable to members in the EEA who have ITIICE policies, i.e., those who renew their policies on or after 14th February 2024.

Download 2024 Rule Book 


Download 2023 Rule Book

Difference between ITIC Rules and ITIC Europe Rules

Please note the ITIC Europe Rules 2024 are completely based on the ITIC Rules 2024 and are intended to offer those insured by ITIC Europe the exact same level of cover to which members of ITIC have always benefited. ITIC Europe is a wholly owned subsidiary of ITIC and therefore logical amendments have been made to the ITIC Rules reflecting the new arrangement, to create the new ITIC Europe Rules. The following is a high level summary of the changes that have been made:

  1. Where necessary references to Club are changed to mean ITIC Europe instead of ITIC;
  2. “Articles of Association” now mean the Articles of ITIC Europe. ITIC’s Articles are “the ITIC Articles”;
  3. “The Rules” mean the ITIC Europe Rules and ITIC’s Rules are defined as “the ITIC Rules”.  
  4. The concept of “corporate membership” of ITIC has been introduced so that entities insured by ITIC Europe are also corporate members of ITIC; 
  5. Part 8 “Cesser of Insurance” now additionally includes cesser of corporate membership;
  6. References to “Directors” mean the Directors of the Club (ITIC Europe);
  7. The address for service has changed from ITIC’s London address to ITIC Europe’s Cyprus address.

If you/your client’s current ITIC policy is subject to an earlier version of the ITIC Rules than the 2024 version, you/they are encouraged to review the 2024 Rule Amendment Explanation document here or the 2023 Rule Amendment Explanation document here.

If you or your client have any questions about these changes please ask your usual ITIC contact.

Limassol Office

Charlotte Kirk

Charlotte Kirk

Chief Executive Officer ITIC Europe

work 00 357 25 375020
work cell 00 357 97610135

Marios Papadakis

Marios Papadakis

Chief Financial Officer

work +357 253 57021
work cell +357 974 41911

Mikaela Koni

Mikaela Koni

Senior claims executive

work +357 253 75021
work cell +357 974 41909

Elena Evriviadou

Elena Evriviadou

Underwriter

work +357 250 60620
work cell +357 979 12212

ITIC Europe Board

Chairman
Devantier, Claes MB Shipbrokers
Directors
Andreou, Andreas Columbia Shipmanagement
Irving, Thomas CEO ITIC
Kirk, Charlotte CEO ITIC Europe
Toumpouri, Esta Maria Hill Dickinson

Limassol

International Transport Intermediaries Insurance Company (Europe) Ltd

work Gemini House
37 Theklas Lysioti Street

Limassol
CY 3030
Cyprus

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