Careless errors by ship agents are resulting in costly claims, according to ITIC.
ITIC has advised shipbrokers, consultants and other advisers not to sign confidentiality agreements which restrict their ability to do business.
ITIC has recommended that brokers place a post-fixture clause at the end of recap messages in order to reduce the chances of exposure to severe financial loss as a result of important messages being overlooked.
ITIC has warned of continued attempts by fraudsters to target payments between shipping companies. Speaking at the 45th FONASBA Annual Meeting in Gothenburg, ITIC claims director Andrew Jamieson explained that recent cases had been variations on earlier frauds...
Specialist transport intermediary insurer, ITIC, has warned shipbrokers that they face the risk of serious financial loss if they fail to ensure that all parties to fixture agreements are in possession of full, confirmed information prior to the conclusion of negotiations.
ITIC has emphasised the need for marine surveyors and other shipping and transport intermediaries to include their terms and conditions in all their business dealings in order to protect their position in the event of potential legal action.
ITIC has issued a warning to shipping and transport intermediaries about a scam currently being perpetrated whereby pre-funded port costs are being diverted to a fake bank account.
ITIC has reminded ship agents and other shipping and transport intermediaries that, in today’s highly competitive industry, they run the risk of being sued even when they are not at fault.
A survey of London solicitors by ITIC has highlighted the high cost of litigation for shipbrokers and others seeking judgment in the English courts.
ITIC has warned that the so-called ‘hold harmless’ clauses in many of the contracts entered into by its members may contain pitfalls which could prejudice their rights.