About ITIC
Additional Insurances - Cargo Liabilities
Many ITIC Members, who are primarily ship agents or ship brokers, also provide services as freight forwarders, NVOCs (issuing house bills of lading), warehousemen or hauliers. The usual professional indemnity liability cover provided to ship agents and ship brokers does not provide adequate cover for such activities. An agent's or broker's liability is usually the result of his own negligence, whereas a freight forwarder, NVOC, warehouseman or haulier can incur a contractual liability through no fault of his own.
In order to cover these risks, ITIC offers additional cover for liabilities resulting from:-
- Physical loss of or damage to cargo
- Delays and other financial losses
- Third party liabilities
- Fines, penalties and customs duty
Cargo liability and related insurances are subject to the Member using either standard trading conditions approved by ITIC, the trading conditions of a national trade association, FIATA or COMBICON bills of lading, or a house bill of lading, which also has to be approved by ITIC.
To obtain a quote for the cost of this insurance, please fill out a Cargo Liabilities Insurance proposal form, or contact your insurance broker.