Welcome to this naval architecture edition of The Wire...
The following selection of articles will give you practical information on loss prevention, as well as on contract terms, illustrated by a variety of claims examples. ITIC always emphasise the importance of using a suitable contract to ensure your position is clear and protected. As such ITIC have drafted standard terms and conditions for you to use, which are also included in this edition of The Wire.
Human error can happen, and when it does the claims can be expensive, with the highest value claim paid out by ITIC for a naval architect currently being USD 1 million. Other claims examples include:
- inadequate welding design causing structural inadequacies in a hull;
- errors in transposing design specifications;
- inadequate preparation of technical specifications.
ITIC’s comprehensive professional indemnity insurance is tailored to suit the specific needs of naval architects, with ITIC being the world's largest provider of professional indemnity insurance to the maritime sector which include more than 180 naval architecture companies.
Special thanks go to ITIC’s Account Executive responsible for naval architects, Robert Sniffen, and ITIC’s Legal Advisor, Mark Brattman, for their contributions to this edition of The Wire.
We hope the following selection of articles will be of interest to you, ITIC’s naval architecture members.