An optional benefit that ITIC offers to its members is a comprehensive debt collection cover to assist with the recovery of outstanding debts, commissions, brokerages and disbursements. This cover pays for any legal costs incurred in the recovery of the debt, rather than the debt itself.
Services are often provided to companies who are totally unknown. This can lead to outstanding debts, and when left with a debt from such a company, obtaining payment can be extremely difficult. Tact is vital in order to preserve commercial relationships and a polite reminder about payment is often all that is necessary. If this fails, upon your instruction, ITIC's team of specialists in ship and asset arrest will use whatever legal means are necessary to try and recover the monies owed.
Since 1992 ITIC has successfully recovered over USD 80 million for its members.
If you do not currently have additional legal expenses and debt collection cover and would like a quotation, simply contact your underwriter at ITIC or your insurance broker.
