In a recent dispute, International Transport Intermediaries Club (ITIC) helped a naval architect to successfully reduce the level of a claim by a shipbuilder for damages and loss of profits following the sinking of a hydrographic survey vessel which was deemed to be unstable.
The next ITIC panel debate in the series focuses on naval architecture.
Professional indemnity insurance for naval architects
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.
International Transport Intermediaries Club (ITIC) says recent claims experience demonstrates that naval architects need to be aware of the need to protect against their exposure to liability for damages resulting from errors in design work.
In the last 20 years, ITIC has recovered more than USD 130,000,000 in unpaid commission, outstanding port disbursements, survey fees and other debts for Members. The insurance pays the legal costs of pursuing the debt. Tact is vital in order to preserve commercial relationships and often a polite reminder is all that is needed to secure payment. If proceedings are, however, necessary, ITIC’s specialist team will use whatever legal means necessary to try to recover the monies owed to you.
Getting more from ITIC is not all about insurance. ITIC also provides a wealth of loss prevention advice through the website, seminars and the ITIC publications of the Claims Review, Wire and Circulars. We also provide seminars to groups of Members, or in-house training to individual Members and insurance brokers. All this for no additional premium.
ITIC IN THE NEWS: The following article, written by Robert Sniffen, Senior Account Executive, appeared in the October 2012 edition of The Naval Architect magazine.
International Transport Intermediaries Club (ITIC) has highlighted the level of exposure to liability which naval architects can face, especially in today’s financially troubled shipping industry. In the latest edition of its...
STANDARD TERMS AND CONDITIONS FOR NAVAL ARCHITECTSIMPORTANT NOTICE These terms and conditions are published for the general interest of members of ITIC. T