ITIC is often asked by ship managers to comment on the wording of a “ship manager undertaking” or “letter of undertaking” (LOU) which they have been asked to sign. This is a situation which has become more relevant in the current...
International Transport Intermediaries Club (ITIC) recently settled a claim brought against a ship manager for failure to maintain its obligations under a technical management contract, leading to liability for costs incurred when the vessel was denied permission to berth by port authorities in Australia.
Stuart Munro, CEO of ITIC, explains why ship managers need to take time to understand who insures the ships they manage...
International Transport Intermediaries Club (ITIC) has highlighted the costly consequences of a shipping pool manager’s failure to accurately describe a tanker, leading to a substantial claim by charterers.
The following article appeared in the May/ June 2017 edition of Ship Management International. Robert Hodge explains why, in a difficult market, it is important for ship managers to carry out pre-management vessel surveys.
International Transport Intermediaries Club (ITIC) has reported a case in which a lay-up manager was held liable for a $250,000 contribution to a claim for extensive damage to a vessel whilst in lay-up.
Professional Indemnity Insurance for Ship Managers
The following article appeared in the September/ October 2016 edition of Ship Management International. Stuart Munro explains why ship managers should ensure that important information and recommendations about deficiencies are confirmed in writing
It is a fact that violent crime has significantly reduced over the last few years. Why is this? Criminals have not changed; they still want to get their hands on your money. The answer is that it is easier stealing money in cyber space than robbing a bank in the real world. Shipping will always be an attractive target for fraudsters because of its international focus. ITIC has seen this trend of cyber fraud ever increasing, particularly involving fraudulent emails. The average cost of these frauds is US$120,000...
ITIC would like to invite you to a risk management seminar, in Singapore, to share their claims experiences, having insured ship managers for over 30 years...
Everyone makes mistakes...
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