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International Transport Intermediaries Club (ITIC) says communication failings within shipbrokers’ organisations can result in important instructions from principals being overlooked, leading to potentially costly claims.
Professional Indemnity Insurance for Shipbrokers
International Transport Intermediaries Club (ITIC) says delay in submitting - or failure to pass on - documentation is the most common cause of claims against tanker brokers. Moreover, the tightening of procedures in a difficult market may serve to make such failures more costly.
International Transport Intermediaries Club (ITIC) has launched a cyber liability extension to ITIC policies to protect its existing professional indemnity members against the growing threat posed by hackers.
These terms and conditions are published for the general interest of members of ITIC. The specific requirements of individual businesses vary and accordingly no responsibility can be taken for the suitability of these terms and conditions to a specific business or contract. As with all contractual terms it is important that the user ensures that they are properly incorporated in their contract with their counterparty. Members should seek the advice of their usual legal advisor prior to using these terms and conditions.
The need for proper training, sound risk management, and contractual expertise were among the issues identified as essential to commercial success in a panel debate following the annual board meeting of the International Transport Intermediaries Club (ITIC) in Athens on 24 September. The panel, moderated by ITIC’s underwriter for Greece, Robert Hodge, and comprising Tim Jones of Barry Rogliano Salles (BRS), Bob Bishop of V Ships, Bjorn Tonsberg of Wilhelmsen Ships Service and Paul Herring of Ince & Co, was asked to debate The Realities of Risk, and what kept them awake at night.
The FONASBA Young Ship Agent or Broker Award 2015, sponsored by International Transport Intermediaries Club (ITIC), has been awarded to Renan Quieroz of Wilson Sons Ltda, Brazil. Aleksandra Obucina of Agent Plus D.o.o, Serbia, was also awarded a special ‘highly commended’ award for his submission.
International Transport Intermediaries Club (ITIC) has recently successfully settled a dispute over ship sale commission on behalf a shipbroker accused by a shipowner of incompetence.
FONASBA has launched its newest education initiative, the Young Ship Agent or Ship Broker of the Year award. The competition is open to anyone aged 40 years or younger who is employed by a company member of a FONASBA national association or a Club or Associate member organisation.
This article, written by ITIC Claims Director, Andrew Jamieson, and Melanine Thomas, Account Executive appeared in the Shipping Network magazine.
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