Other Insurances from ITIC
In addition to professional indemnity insurance, ITIC also offers the following products:
Directors’ and Officers’ insurance
Directors’ & Officers’ insurance (D&O) is a personal insurance purchased by the employer for the benefit of its directors and officers. ITIC’s D&O product protects these individuals from claims against them in person and the company that has to indemnify them.
Loss of management fee
This insurance is offered specifically to ship managers if they are not paid their fee as a result of a ship under their management being lost through actual or constructive total loss.
Cash in transit and money insurance
ITIC offers this insurance to cover cash when it is in the temporary care of a ship agent, whether kept in a strong room at the office or in a safe at home, and is offered either on a single occurrence or annual basis.
This insurance covers the legal costs of pursuing outstanding commission for shipbrokers, disbursement accounts for ship agents and other debts. ITIC has collected over USD 90 million for its members and employs a debt collection specialist. 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.
Loss of commission
ITIC offers two levels of cover to shipbrokers:-
- Loss of commission resulting from the actual or constructive total loss of a ship.
- Loss of commission due to a wide range of marine perils, such as heavy weather, fire, piracy, collision, engine breakdown and negligence of master or crew, in addition to actual or constructive loss.