ITIC is the leading provider of professional indemnity insurance to ship managers, insuring more than 150 companies worldwide. The team at ITIC has a complete understanding of the risks, combined with a high degree of claims experience.
- ITIC’s managing director, Stuart Munro, has been involved with the drafting of the BIMCO Shipman 98 and BIMCO Shipman 2009.
- ITIC works closely with InterManager.
In view of the number of ship managers ITIC insures, there is a wealth of experience in the handling, management and payment of ship management claims.
No other insurer rivals the knowledge and assistance ITIC provides to ship managers.
Examples of claims:
- Failure to maintain ship – one of the largest claims paid by ITIC was as a result of a delay to the repair of a ship.
- Appointing unqualified crew - if the crew are not certified to perform the jobs for which they are hired, the owner will be in breach of the terms of his insurances and the ship manager will be liable.
- Failure to arrange insurance – ITIC has seen reports of claims against ship managers where banks or ship owners have sued them for negligence in failing to arrange adequate insurance.
- Error in fixing ship – for example a ship with a Cyprus flag being fixed to discharge in Turkey.
Mistakes happen, and ITIC has usually seen them before.
Everyone makes mistakes...
Is your business ready for the ‘worst case’ scenario?