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International Transport Intermediaries Club (ITIC) has reported a case in which a lay-up manager was held liable for a $250,000 contribution to a claim for extensive damage to a vessel whilst in lay-up.
Professional Indemnity Insurance for Ship Managers
It is a fact that violent crime has significantly reduced over the last few years. Why is this? Criminals have not changed; they still want to get their hands on your money. The answer is that it is easier stealing money in cyber space than robbing a bank in the real world. Shipping will always be an attractive target for fraudsters because of its international focus. ITIC has seen this trend of cyber fraud ever increasing, particularly involving fraudulent emails. The average cost of these frauds is US$120,000...
ITIC would like to invite you to a risk management seminar, in Singapore, to share their claims experiences, having insured ship managers for over 30 years...
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.
This article, written by ITIC's CEO, Stuart Munro, appeared in the September/ October 2015 edition of Ship Management International.
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.
International Transport Intermediaries Club (ITIC) has confirmed that a ship management company has been fined over a quarter of a million dollars in connection with a breach of clean air regulations in the United States.
International Transport Intermediaries Club (ITIC) says fraudulent diversion of funds is on the increase in the maritime sector.Having previously issued a warning about the fraudulent diversion of port expenses, ITIC says it is now seeing evidence of similar frauds being perpetrated across the wider marine industry. In a typical such fraud, the party due to make a payment will receive a bogus message altering the recipient’s bank details...
International Transport Intermediaries Club (ITIC) has launched an e-learning seminar to help ship managers successfully negotiate the pitfalls they may encounter when asked to sign letters of undertaking.
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