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BIMCO’S VIEW ON THE IMPORTANCE OF CO-ASSURANCE

BIMCO’s attention has been drawn to the fact that some shipowners do not name third party ship managers as co-assured on their hull and machinery policies. This is a highly dangerous practice that

Ensure you incorporate your standard terms and conditions

Shippers of a cargo of wheat instructed a marine surveyor to survey and certify the holds of a bulk carrier as fit for loading.  The surveyor issued a certificate of fitness to load and

Ship managers - errors when arranging insurance

One of the duties undertaken by ship managers is to arrange insurances. Shipman 98 provides that this shall be “on such terms and conditions as the owners shall have instructed or agreed, in

Press Release: ITIC reimburses broker accused by owner of breach of authority

International Transport Intermediaries Club (ITIC) recently represented a shipbroker accused by an owner of breach of warranty of authority in a dispute arising under a non-performing contract of

Press Release: October 2014 - FONASBA endorses ITIC' s post-fixture clause

ITIC has recommended that brokers place a post-fixture clause at the end of recap messages in order to reduce the chances of exposure to severe financial loss as a result of important messages being

Simulated losses

Simulated losses

An Approved Training Organisation (ATO), who was insured by ITIC, specialised in type rating training for commercial pilots. They were contracted by a business jet fleet manager to provide training

Press Release: October 2016 - ITIC warns that failure to follow lay-up procedure can be costly

International Transport Intermediaries Club (ITIC) has reported a case in which a lay-up manager was held liable for a $250,000 contribution to a claim for extensive damage to a vessel whilst in

The End of an Era

… she maintained her connection to the North West of…

Misdirected arrows - ignore them at your peril!

ITIC Members (particularly ship agents and ship managers) are regularly sued in addition to, or even instead of, the shipowner. There are a number of reasons for this. In some countries, agents have

Press Release: September 2016 - Tanker brokers count cost of failure to pass on claims documentation

International Transport Intermediaries Club (ITIC) says delay in submitting - or failure to pass on - documentation is the most common cause of claims against tanker brokers. Moreover, the tightening