About ITIC
Additional Insurances - Debt Collection
ITIC offers its Members, under Rule 10, an optional cover to assist with the recovery of outstanding debts, commissions, brokerages and disbursements. This cover pays for any legal costs incurred in the recovery of the debt, rather than the debt itself.
The Club will also provide you with information on owners or charterers who have not paid their debts to other Members - invaluable to a ship agent when deciding whether or not to accept an agency appointment, and on what credit terms.
Tact is vital in order to preserve commercial relationships and a polite reminder about payment is often all that is necessary. If this fails, upon your instruction ITIC's team of specialists in ship and asset arrest will use whatever legal means are necessary to try and recover the monies owed. The sum in dispute must exceed US $3,500 for the cover to respond, although limited assistance can be provided for sums below this amount.
The Club has successfully recovered over USD 80 millon since 1992, for its members.
If you do not currently have additional legal expenses and debt collection cover and would like a quotation, simply contact your underwriter at ITIC or your insurance broker.
The cover is only available to Members of ITIC.