Getting more from ITIC
- Date: 16/04/2013
ITIC provides the most comprehensive errors and omissions insurance for businesses involved in the transport industry worldwide. ITIC also offers a range of additional covers which complement the core cover.
This Claims Review has been produced to illustrate the types of claims that are paid within these additional insurances to give you the opportunity to consider how your business could benefit.
The additional insurances offered by ITIC are:
Directors’ & Officers’ Insurance: D&O insurance protects directors, officers and senior managers against claims arising from their decisions and actions taken in the course of managing their business.
Debt Collection Insurance: is very popular with ITIC’s Members and is included in the ITIC Rules at Rule 10. The cover assists in the recovery of outstanding debts (such as commissions, brokerage, survey fees and port disbursements). It also covers the legal costs involved in disputes under agency agreements. This cover pays the legal costs incurred in the recovery of the debt, but not the debt itself.
Commission Income Insurance: ITIC’s loss of commission insurance is designed specifically for shipbrokers. It will pay the shipbroker’s commission if the charterparty is cancelled due to one of the insured perils. The cover is offered at two levels; the first covers commission lost from an actual or constructive total loss only, and the second is full cover and insures loss of commission resulting from a wide range of marine perils.
Cash in transit Insurance: The combination of cash in transit, cash on board ship and petty cash insurance offers ITIC Members the convenience of a single policy at a competitive premium.
Loss of Management Fee Insurance: Loss of management fee insurance is a vital cover for ship managers and covers the non payment of management fees as a result of the termination of a ship management contract through actual or constructive total loss of the ship under management.