During these unprecedented times, the International Transport Intermediaries Club (ITIC) recommends that brokers should consider stressing the current unusual market conditions in their ship valuation certificates.
Following the financial crisis of 2008, brokers providing valuations included additional wording in their certificates to reflect and take into account the state of the market at the time. These wordings highlighted that the lack of comparable sales made the assessment of values uncertain.
Considering the current ongoing Coronavirus outbreak and the disruption to the market, a number of brokers are reviewing their valuation certificates. Whilst there are differing opinions between brokers on the impact of the Coronavirus to specific market sectors, ITIC believes that it is important for individual brokers to consider whether they need to highlight the current market conditions.
ITIC is available to discuss with members proposed amendments to valuation certificates as required.
For further information please contact:
Katerina Dimitropoulos, Navigate PR
T: +44 203 326 8463
International Transport Intermediaries Club (ITIC) is the world’s leading provider of professional indemnity insurance to transport professionals across the globe.
As a mutual insurer, it has over 90 years’ experience providing cover to companies in the marine, naval architecture, aviation, rail, offshore and hydrographic industries. With 2,900 members in over 110 countries and with a worldwide network of correspondents, ITIC is the acknowledged leader in its field.
ITIC’s insurance has been developed primarily to cover claims of negligence – errors or omissions. Cover can also extend to specialist areas such as debt collection, loss of commission income, cyber liability, cash in transit and directors’ and officers’ insurance. ITIC’s wide cover also includes a unique discretionary insurance which could support claims not normally be paid by other professional indemnity insurers.