ITIC’s cover – the highlights

ITIC has been the market leader for Professional Indemnity (PI) insurance to the transportation sector for over 100 years. As a trusted mutual insurer, ITIC exists only for the benefit of its members. One of the hallmarks of ITIC’s cover is the inclusion of discretionary insurance, offering the flexibility to provide support where others cannot.

ITIC has an experienced team of in-house claims handlers (including seven lawyers) who will assist when there is a problem. As a member of ITIC, support is always available when a claim arises. The ITIC team understand the liabilities that your business faces.

Where necessary, ITIC instructs lawyers in the local jurisdiction on a claim or dispute, but rest assured the ITIC team will still remain heavily involved, to both effectively manage the appointed lawyers and give invaluable commercial input which would not be the case with a legal advisor alone. As a mutual insurer, ITIC recognises competing and commercial interests and provides informed guidance on the best way to resolve the dispute.

Key highlights of the cover beyond ITIC’s in-house claims handling service include:

1. ITIC’s cover is worldwide, including the US. There are no exclusions in the small print. For example, ship managers do not need to worry about where a ship may be calling, claims are covered in all locations. 
2. ITIC’s cover insures all potential losses, provided the cause was alleged negligence. For example, many claims involve some element of consequential losses, which can be excluded from insurance policies. With ITIC, as long as the policyholder is legally liable for the claimed loss, ITIC’s cover will respond.
3. For ship managers, ITIC now offers an additional product for purchase, insuring additional legal expenses and debt collection cover including the costs defending an alleged MARPOL violation (see here for more information).