Professional Indemnity Insurance for Ship Managers
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.
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.
ITIC has warned that onerous documentary disclosure rules in the US courts can drastically increase the cost to shipping interests of defending even without-merit claims.In the latest issue of i
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 it has seen a noticeable increase in claims against ship managers by shipowners who are going through difficult financial times.
In the latest issue of its Claims Review,...
International Transport Intermediaries Club (ITIC) has emphasised the importance of ship managers using the right contracts and having appropriate insurance in place to cover the legal costs of defending even weak claims.
Circular explaining amendments to Standard Ship and Crew Management Endorsement.