INTERNATIONAL DEBT COLLECTION - ITIC’s Members often provide services to foreign companies who are sometimes totally unknown to them. When left with a debt from such a company, obtaining payment can be extremely difficult, particularly in the current economic climate. An optional benefit that ITIC offers to its Members is a comprehensive debt collection cover. ITIC’s staff has many years’ experience in the field of international debt collection and will take over the collection of the debt and insure the costs of attempting to collect sums owed to you. Since 1992 ITIC has recovered nearly USD 100 million for its Members. As with professional indemnity insurance, ITIC’s debt collection cover is only part of the answer. There is much that you can do to avoid debts arising in the first instance. In this edition of the Claims Review, we hope to demonstrate what ITIC does to assist you and what you can do to help yourselves.

Claims Review 20

30/04/2009
A ship agent in Egypt received a distress call from an owner, stating that his ship had lost power and needed to be towed into harbour. The Egyptian navy had to provide the rescue service. In order for the navy to assist the...

30/04/2009
1. ESTABLISH THE IDENTITY OF YOUR CLIENT BEFORE YOU ACT Ship agents: Have you been appointed by the charterer to be the owner’s agent? Is your principal a well known ship manager, or the manager for a...

30/04/2009
A naval architect was instructed by a client to design a new rescue ship to be used off the coast of England. The naval architect designed the ship and it was built by a yard specified by the client. After the client took...

30/04/2009
A P&I club asked a marine surveyor to carry out a condition survey on a ship. The surveyor noted several deficiencies and, as a result, the P&I club requested the surveyor to conduct a follow-up survey. Although the...

30/04/2009
Two shipbrokers were involved in a sale and purchase of two ships, one acting for the buyer, the other for the seller. The commission agreed on delivery of each ship was to be USD 250,000 per broker, considerably less than the...

30/04/2009
A shipbroker who was a Member of ITIC (broker A) had been a co-broker in chartering a ship with another broker (broker B). Broker B was not a member of ITIC. During the negotiations, broker B added 2.5% commission into the...

30/04/2009
A ship agent had an unpaid disbursement account of USD 20,300 following a ship’s call. The ship arrived on 27th October and departed 15th November 2007, during which time repairs were carried out in dry dock. The agent had been...

30/04/2009
A ship agent arranged for the towage of an oil major’s rig through the Suez Canal. The oil major considered the cost to be high and refused to pay for the service. Agents in the Suez Canal have a bond with the Suez Canal...

03/05/2009
ITIC’s Members often provide services to foreign companies who are sometimes totally unknown to them. When left with a debt from such a company, obtaining payment can be extremely difficult, particularly in the current economic...

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