Pirates plunder cash
A ship in a fleet managed by an ITIC member was boarded by Somali pirates. The pirates opened fire on the accommodation block, entered the bridge and stopped the ship. Following the pirates instructions, the ships course was changed and she sailed to the coast of Somalia. The ship was kept by the pirates in Somalia for some months when she was released. Prior to releasing the ship, the pirates stole a large number of items. These included a cash box that was locked in a safe located in the Master’s cabin. The cash box included USD 15,000 that had been placed on board by the Managers.
The ship manager had purchased ITIC's "cash on board" insurance. This product covers cash carried in a locked safe. The manager was reimbursed the sum of USD 15,000.
ITIC provides a range of products for managers and agents which cover monies temporarily in the member's care while in transit to a ship. The cover can also be extended to include monies, including petty cash, kept in the manager’s office or at his residence overnight. Money on board can be covered when kept in a locked safe.