About ITIC
Additional Insurances - Commission Income
Loss of commission insurance has been available to ship brokers from the traditional insurance markets for some time. ITIC decided that its Members might be better served by a policy more specifically tailored to ship brokers' and ship managers' needs, offered as an attachment to Members' existing liability insurances.
Cover is offered either on an individual declaration of a charter, sale, purchase or management contract, or annually for all fixtures or management contracts concluded throughout the year. In the latter case there is no need to make individual declarations as they are automatically covered.
Loss of commission insurance can be considered an essential cover, similar to business interruption and loss of profits insurances which routinely cover any other business. The losses caused by, for example, the last minute cancellation of a period time charter could seriously disrupt a broker's income.
Cover can be arranged in a number of different packages - ranging from total loss only to loss of commission through a marine peril such as heavy weather, fire, piracy, collision, engine breakdown and negligence of master or crew. The only circumstance which cannot be covered is loss of commission resulting from financial default.
To obtain a quote for the cost of this insurance, please fill out a Commission Income Insurance proposal form,or contact your insurance broker.