Ship agency

ITIC has highlighted the value of diligently pursuing the collection of shipping industry debts in today’s difficult economic climate. In its latest Claims Review, ITIC notes that a shipbroker acting for charterers was owed...

In November 2012 Roger Lewis, Underwriting Director, and Andrew Jamieson, Claims Director, presented a loss prevention seminar to 70 ship agents and shipbrokers from the Taipei maritime community. This podcast is a recording of the seminar which covers loss prevention advice, claims examples and warnings for ship agents and shipbrokers. The podcast also features Roger explaining what professional indemnity insurance is, who ITIC insures and the debt collection services offered by ITIC.

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.

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.

ITIC provides an exclusive and affordable insurance scheme for the ship agent and shipbroker members of the Swedish Shipbrokers’ Association. The scheme is aimed at the type of member, who perhaps does not feel

International Transport Intermediaries Club (ITIC) has emphasised how avoidable errors can prove expensive for ship agents.In the latest issue of its Claims Review, ITIC recounts how a ship agent

ITIC has been advised that MT Menara Satu and MT Menara Dua are presently arrested.Any members, who have Rule 10 cover, and had dealings with Menara Tankers Sendirian Berhad should contact ITIC Clai

ITIC IN THE NEWS: The following article, written by Roger Lewis, appeared in the September- October 2012 edition of Ship Management International.

International Transport Intermediaries Club (ITIC) says that mistakes in arranging so-called ‘telex releases’ are a frequent and growing source of claims against ship agents. ITIC points out that this practice – whereby liner...