Insurance brokers and ITIC

ITIC, through the TT Club, provides professional indemnity insurance for a wide range of activities in the transport industry. The following is a brief guide for insurance brokers as to what information ITIC needs to be able to assess and quote on a risk.

What ITIC looks for:

Proposal forms and CVs

As an insurer of liabilities arising out of the mistakes made by an individual, when assessing whether to offer a quotation for insurance, we need to be able to form a view as to the professionalism of your client. Our first impression will often be through a completed proposal form or questionnaire. A neat and well-presented proposal, with complete answers, can often be a strong indicator as to the standards set by the individual or company seeking insurance and, ultimately, whether we are able to provide a quotation.

We will always ask to see the CVs or brief details as to the experience of the individuals performing the services for which insurance is being sought.


Many surveying companies in Australia undertake pre-purchase surveys on yachts or pleasure craft. Dealing with members of the public can be fraught with difficulties. To consider quoting for this activity we will need to see a copy of the surveyor’s standard trading conditions. ITIC works closely with the Australasian Institute of Marine Surveyors (AIMS), providing loss prevention advice and presentations to the membership.

Warranty surveyors

Due to previous claims experience, cover is restricted.

Naval architecture and consultancy

For companies involved in naval architecture and marine engineering consultancy, we need to determine how much “hands on” work is being undertaken. The professional indemnity aspect to be covered is the designing and consulting activity. If the business is providing a service which includes designing, consulting, building and installation it is often difficult to determine the income derived solely from the professional indemnity exposure.

ITIC’s Rules contain a “product liability” exclusion which applies to claims arising out of any building, construction or maintenance services.


ITIC provides insurance for companies operating within the offshore industry, including offshore consultants and hydrographic surveyors. This has been a rapidly growing area of insurance for ITIC and one in which we have unrivalled knowledge and experience. Being a corporate member of the Australasian Hydrographic Society (AHS), ITIC sponsors events all over Australia and provides articles for publications.

Where your clients are involved in the oil and gas industry we will generally ask to see copies of their contracts and we may ask further questions.


If you have an aviation risk then we would recommend you view ITIC’s website and aviation specific proposal forms for more detail. Examples of the type of aviation companies ITIC can provide cover for include: aviation designers, consultants, assessors of air craft maintenance, management of planes and planning and development of airfield runway design.


ITIC has been providing professional indemnity insurance to the rail industry for over 10 years. ITIC can cover companies involved in design, consultancy, surveying or signalling testing, as well as those undertaking safety training and assessment or verification work relating to the rail industry.

What insurance brokers should know:

Claims made

Professional indemnity cover is provided on a claims made basis. This means that the trigger for cover under the policy is the date that the claim is notified to the insurer. For cover to respond, the claim must be notified to the insurer during the period of cover. Unless run-off cover is purchased, the insurance will not respond to claims brought after cover ceases, regardless of whether the act or omission giving rise to the claim occurred during the period of insurance.


Where is your client operating? While some alternative professional indemnity policies have exclusions for activities undertaken in the USA or Canada, or in respect of claims brought in these areas, ITIC’s Rules have no geographic exclusions. If your client provides services to American clients, for example, they would be wise to buy a professional indemnity policy that will respond to claims brought against them in the US courts.

Insurance policy review

You will need to ask what policies your client has in place to ensure that there is no duplication. If your client is part of a larger group of companies, they may already have a global professional indemnity policy in place.

Continuity Credit

ITIC is providing a continuity credit to all those members who renew their insurance cover during the 2016 policy year, which begins on June 1, 2016. This is the 21st year of ITIC’s continuity
credits. Stuart Munro, CEO, explains, “ITIC’s board of directors is committed to reducing insurance costs wherever possible. The ongoing worldwide economic downturn, together with fiercely competitive conditions in the shipping and transportation sector, continues to make life very difficult for our members. One of the great strengths of a mutual insurer is the fact that the surpluses accrue to the membership, rather than to third-party shareholders. Therefore, ITIC has decided to pay a continuity credit of up to 17.5% of the annual premium for yet another year in recognition of the outstanding loyalty shown by its members. Loyalty, after all, works both ways.”

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