Additional insurances offered by ITIC
ITIC also offers a range of additional covers which complement the core cover. The chart to the left sets out the amount of additional insurances bought from which you will see that Additional Legal Expenses and Debt Collection is the most popular, followed by full loss of commission insurance and Directors’ and Officers’ cover.
Information on each of these insurances can be found at http://www.itic-insure.com/our-services/additional-itic-insurances/.
Debt Collection Insurance:
assists with the recovery of outstanding debts, commissions, brokerage and disbursement accounts. This cover pays for any legal costs incurred in the recovery of the debt, rather than the debt itself.
ITIC’s Commission Income Insurance:
is tailored to meet shipbrokers’ needs. There are two levels of cover, actual and constructive total loss only, and full cover which covers a wider range of marine perils.
Directors’ & Officers’ Insurance:
protects companies and their directors, officers and senior managers against claims arising from their decisions and actions taken whilst managing their business.
Cash in transit Insurance:
ITIC offers a unique insurance package to its members. The combination of cash in transit and petty cash insurance offers members the convenience of a single policy at a competitive premium.
Loss of Management Fee Insurance:
A loss of commission caused by a loss of management fee insurance is a vital cover for ship managers. This is offered as an endorsement to ship manager members’ existing professional indemnity and covers them if they are not paid their fees as a result of a ship under their management being lost through actual or constructive total loss.