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Polite persistence pays off
A ship agency had persistent problems obtaining settlement of port disbursements from a recognised and important ship operator in Vietnam. They reported the problem under their ITIC, Rule 10, additional legal expenses and debt collection cover.
ITIC has a global network of correspondents covering most of the world’s ports. On this occasion, ITIC’s local correspondent established a dialogue, in writing and verbally, with the debtor, and persisted with this approach. Persistence paid off, with them full settlement of all debts being obtained, without recourse to any formal legal recovery procedure. The cost of the local correspondent was covered by the debt collection cover.
ITIC’s Rule 10 insurance covers the costs of recovering commission, disbursements and fees owed to shipbrokers, ship agents and marine surveyors. ITIC has been extremely successful in assisting in the recovery of monies and has collected more than USD 155m since 1992.
ITIC often has to get involved to preserve commercial relationships and will try to resolve matters through negotiation, before litigation is commenced.