ITIC has offered for many years a number of additional insurance products – which are only available to existing members by way of an endorsement to their professional indemnity insurance policy.
Ship agent and ship manager members often purchase cash in transit cover – which is there to protect against theft of cash intended for the ship’s master during its movement from the bank to the ship/member’s office.
ITIC’s money insurance provides cover for loss of cash from an insured office location, on board a managed ship or overnight at a director’s home. This is a popular insurance bought by ship managers and ship agents.
As you will have seen in the claims report, the number of instances where members have asked for our assistance in collecting monies owed to them has increased. To those members, ITIC’s legal costs cover relating to debt collection is invaluable. This insurance covers the legal costs of pursuing outstanding commission for ship brokers, disbursement accounts for ship agents, fees for marine surveyors and P&I club correspondents and other such debts.
Commission income insurance is available to ship brokers – cover can be in place for loss of commission due to the actual or constructive total loss of a ship or extended to include a wide range of marine perils, such as fire, piracy, collision, engine breakdown and negligence of master.
Directors’ and officers’ insurance is another insurance offered to ITIC’s members through endorsement to protect directors, officers and senior managers against claims arising from their decisions and actions taken in the course of managing their business.
In response to the increasing number of cyber-attacks reported by members ITIC has created a new third party cyber liability endorsement. This is an additional cover which is intended to respond to claims from third parties arising from the unauthorised use of members’ computer networks.
Please do ask your insurance broker or ITIC underwriter for further details or a quotation for any of these additional products. survey.