Press release: ITIC covers US$ 94,000 in fees after Panama Canal authorities deny cancellation request
ITIC has reimbursed a ship agent US$ 94,000 after their request to cancel a slot they booked by mistake for transit through the Panama Canal was denied.
The ship agent was asked by their principal to enquire whether there was space to transit through the Panama Canal on a specific date. However, the agent misunderstood the request to check if a slot would be available and instead booked the slot.
Ultimately, the principal did not require the slot at all but when the agent tried to void the booking, the canal authority denied their request. They therefore had to cancel the booking which led to cancellation fees of US$ 94,000 being charged.
A mitigation request to the authority was denied. The principal sought recovery of these charges from the agent. The agent had no defence and the claim was settled in full.
Click here to see the full October Claims Review by ITIC.
For further information please contact:
Alex Wood, Navigate PR
T: +44 77 30535104
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, offshore and hydrographic industries. With 3,400 members in over 110 countries and with a worldwide network of correspondents, ITIC is the acknowledged leader in its field.