In Ship broking
Press release - Complacency can cost, warns ITIC
ITIC (International Transport Intermediaries Club) warns brokers and agents that allowing complacency to creep into their daily activities has the potential to cost them dearly. A recent example concerned a shipbroker negotiating a short-term charter on behalf of their owner principal for whom the broker had worked for several years.
Press release: Take time to re-check contact details for important emails, advises ITIC
According to ITIC incorrectly addressing emails can prove costly as was demonstrated in a recent case where the insurer had to reimburse a shipbroker US$ 50,000 in respect of such an error.
Webinar: Shipbrokers' simple slips
Join us on Tuesday 29th June 2021 for this webinar, presented by Andrew Jamieson and Mark Brattman. Topics include: mistakes shipbrokers make, the impact of COVID-19 and how to protect yourself from claims.
Press release: Counterfeit invoices and fake emails continue to plague our industry, cautions ITIC
ITIC has issued a number of warnings on the increasing prevalence of documentation fraud and is reinforcing the message by highlighting a recent case it has handled on behalf of a broker.
Press release: ITIC warns against letting speed affect accuracy
To maintain flexibility, charterers often request that the shipbroker fix the vessels to discharge at a specified number of ports within a defined range. But it’s important that the broker clearly understands the definition of that range and which ports it includes.
Press release: Using the “Notice of Readiness” clause from a previous fixture can have unintended consequences, warns ITIC
The Notice of Readiness (NOR) clause in a previous fixture may not have the same effect if used in a new fixture. Shipbrokers should bear this in mind when copying wordings from previous fixtures says the International Transport Intermediaries Club (ITIC).
Press Release: Brokers should consider ship valuation wordings due to Coronavirus, says ITIC
During these unprecedented times, the International Transport Intermediaries Club (ITIC) recommends that brokers should consider stressing the current unusual market conditions in their ship valuation certificates.
ITIC circular: Ship valuation wordings and the Coronavirus outbreak
In the aftermath of the financial crisis of 2008 brokers providing valuations included additional wording in their certificates reflecting the state of the market. These generally pointed out that the lack of comparable sales made the assessment of values uncertain.
Press Release: Failure to check charterparty wording catches ship manager off guard
International Transport Intermediaries Club (ITIC) has urged ship brokers and managers to check the terms of their charterparty agreements closely before signing, in order to avoid costly mistakes further down the line.
Press Release: ITIC says simple checks will defeat shipping industry fraudsters
International Transport Intermediaries Club (ITIC) says ship brokers and agents are among those most at risk of exposure to fraud in the shipping industry, and urges them to carry out simple checks in order to protect themselves.