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.
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.
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.
International Transport Intermediaries Club (ITIC) has illustrated how persistence can pay off for shipping intermediaries looking to pursue legitimate claims in today’s difficult financial climate.
In the latest issue of its...
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
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
International Transport Intermediaries Club (ITIC) has emphasised the potentially costly consequences of any failure on the part of shipping intermediaries to confirm in writing any initiatives performed on behalf of the