Loss of commission insurance can be considered an essential cover, similar to business interruption and loss of profits insurances which routinely cover any other business. The losses caused by, for example, the last minute cancellation of a period time charter could seriously disrupt a broker's income.
ITIC's loss of commission cover is tailored to ship brokers' needs, offered as an endorsement to members' existing liability insurances.
Cover is offered either on an individual declaration of a charter, sale or purchase contract, or annually for all fixtures concluded throughout the year. In the latter case there is no need to make individual declarations as they are automatically covered.
Cover can be arranged in a number of different packages - ranging from total loss only to loss of commission through a marine peril such as heavy weather, fire, piracy, collision, engine breakdown and negligence of master or crew. The only circumstance which cannot be covered is loss of commission resulting from financial default.
To request a quote, please fill out a Commission Insurance proposal form.
