Additional Cover

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.

To request a quote, please fill out a cash-in-transit insurance proposal form:

Download cash-in-transit proposal form

Cash in transit insurance fact sheet

Debt collection insurance

This insurance covers the legal costs of pursuing outstanding commission for ship brokers, disbursement accounts for ship agents, fees for marine surveyors and other debts. We understand that tact is vital to preserve commercial relationships and often a polite reminder is all that is needed to secure payment. However, if proceedings are unavoidable, ITIC will use whatever legal means necessary to try to recover the monies owed to you.

 Debt collection insurance fact sheet

Debt collection and MARPOL costs for ship managers

ITIC’s ship managers’ debt collection and MARPOL endorsement is specifically tailored to assist prevailing challenges faced by ship managers when carrying out their obligations under the ship management contract.

Debt collection insurance is very popular with ITIC’s members. This cover has been offered since 1925 to shipbrokers and ship agents and assists in the recovery of outstanding debts (such as commission, survey fees and port disbursements). ITIC will now extend debt collection cover to support ship managers who often find themselves struggling to recover sizeable debts under their ship or crew management contracts.

The cover will include costs incurred in respect of:

(1) Debt collection for any unpaid fees for ship and/or crew management

(2) Debt collection for unpaid EU ETS/FuelEU

(3) Pursuing a claim on behalf of the ship manager against a shipowner

(4) Defending a claim for alleged MARPOL violation (optional extension to cover)

(5) Any adverse costs arising from 1 to 4 above

For debt collection support, ITIC considers that tact is often vital to preserve commercial relationships and, in most cases, a polite reminder is all that is needed to secure payment. If proceedings are, however, necessary and supported by the member, ITIC’s specialist claims team will use whatever legal means necessary to try to recover the monies owed, which can also include ship arrests. The cover will pay the legal costs of pursuing the debt or defending the alleged violation.

To request a quote, please fill out a debt collection and MARPOL costs cover for ship managers proposal form.

Debt collection and MARPOL costs cover for ship managers fact sheet

Download proposal form

Directors' & officers' insurance

D&O insurance cover protects companies and their directors, officers and senior managers against claims arising from their decisions and actions taken whilst managing their business.

To request a quote, please fill out a Directors' and Officers' proposal form:

Download proposal form

Directors' and Officers' fact sheet

Directors' and Officers' Insurance - The Claims Experience

Directors' and Officers' Insurance - draft indication

Loss of commission income insurance

ITIC's loss of commission cover is tailored to meet shipbrokers' needs, offered as an endorsement to members' existing liability insurances. There are two levels of cover, actual and constructive total loss only, and full cover which insures a wide range of marine perils.

To request a quote, please fill out a loss of commission insurance proposal form:

Download loss of commission income insurance

Loss of commission income insurance fact sheet