Shipowners often require their agents or managers to deliver cash to ships whilst in port. The risks are obvious. The ship agent or ship manager needs insurance to cover cash when it is temporarily in his custody, whether during transport to the ship, in a strong room at his office, or in a safe at home or on the managed ship. ITIC provides a product offering this combination of insurances which can be offered either on a single occurrence or annual basis.
Loss of commission insurance is as essential for shipbrokers as business interruption and loss of profits insurances are to other businesses. The loss caused by, for example, the sinking of a vessel on a long term time-charter could seriously diminish a shipbroker’s income.
In the last 20 years, ITIC has recovered more than USD 130,000,000 in unpaid commission, outstanding port disbursements, survey fees and other debts for Members. The insurance pays the legal costs of pursuing the debt. Tact is vital in order to preserve commercial relationships and often a polite reminder is all that is needed to secure payment. If proceedings are, however, necessary, ITIC’s specialist team will use whatever legal means necessary to try to recover the monies owed to you.
Getting more from ITIC is not all about insurance. ITIC also provides a wealth of loss prevention advice through the website, seminars and the ITIC publications of the Claims Review, Wire and Circulars. We also provide seminars to groups of Members, or in-house training to individual Members and insurance brokers. All this for no additional premium.
Directors’ & Officers’ insurance (D&O) is a personal insurance purchased by the employer for the benefit of its directors and officers. ITIC’s D&O product protects both individual directors from claims against them in person and also the company that has to indemnify these senior staff.
ITIC provides the most comprehensive errors and omissions insurance for businesses involved in the transport industry worldwide. ITIC also offers a range of additional covers which complement the core cover. This Claims Review has been produced to illustrate the types of claims that are paid within these additional insurances to give you the opportunity to consider how your business could benefit.
Loss of management fee covers the non payment of management fees as a result of the termination of a ship management contract through actual or constructive total loss of the ship under management. Some ship management contracts will provide payment for a short period of continued employment for the manager but will not replace the lost fees beyond that work, which is what the ITIC loss of management fee insurance has been designed to cover.
The Board of ITIC meets three times a year, in March, July and September. The meeting in July is always held in London as the main item is the signing off of the accounts as the financial year of ITIC ends on 31 May. Of the other...
A draft endorsement indication for Directors' and Officers' insurance
ITIC IN THE NEWS: The following article, written by ITIC Claims Director, Andrew Jamieson, appeared in the Spring 2013 edition of The Baltic magazine. Andrew has a regular column in the magazine.