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A claim reported to ITIC involved payments made by a ship manager to a parts supplier.  A fraudster was able to insert an email into the exchanges providing new bank details for the…

Hire payments are attractive targets for fraudsters.  ITIC was advised by a Norwegian shipbroker who had managed to avoid an attempt to steal a monthly hire payment. The broker questioned a…

Cash to master payments can also be intercepted. A member of staff in a ship management company was suspicious of a message asking if cash to master could be sent directly to the ship agent’s foreign…

Robert's journey began at sea, crewing on superyachts and later joining the merchant navy as a deck officer. As the Account Executive for Greece, South East Asia, and Monaco, he is a regular…

Welcome to the latest edition of ITIC's The Wire, focusing on Greece, where ITIC insures 150 members including shipbrokers, commercial managers, ship managers, ship agents, marine surveyors, naval…

ITIC is the leading provider of professional indemnity insurance to superyacht professionals, insuring more than 100 companies worldwide. The team at ITIC has a thorough understanding of the risks,…

A yacht broker acted for potential buyers in negotiations for the purchase of a superyacht. An MOA was entered into, where the yacht broker agreed to act as stakeholders for the buyers’ deposit of…

In a recent article in a superyacht publication, a lawyer suggested that as yachts were very different to oil tankers, BIMCO Shipman 2009 (Shipman) was not a suitable document to use. ITIC…

A naval architect was appointed to re-design and certify part of a mast support structure on a large sailing yacht. The naval architect had no involvement in the original design of the yacht. As the…

A yacht manager was contracted to provide crew management and ISM consultancy for a superyacht. Although the manager was not contracted to provide technical management, the owner sought their advice…