Ship broking

International Transport Intermediaries Club (ITIC) says ship brokers and agents are among those most at risk of exposure to fraud in the shipping industry, and urges them to carry out simple checks in order to protect themselves.

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 affreightment (CoA).

International Transport Intermediaries Club (ITIC) recently helped a shipbroker reduce its level of exposure to claims from a charterer for damages and loss of profits in a rising market, following a failure to pass on fixture options correctly.

International Transport Intermediaries Club (ITIC) recently settled a dispute between a shipowner and its Turkish agent for losses arising from the refusal of Turkish port authorities to allow a vessel to berth because of its connection to Cyprus.

The FONASBA Young Ship Agent or Broker Award 2017, co-sponsored by International Transport Intermediaries Club (ITIC), has been awarded to Niklas Soltow of SCA Logistics GmbH of Kiel, Germany. Katy Aldrick of Seaforth (Kenya) Ltd also received a special ‘highly commended’ award for her paper on the threats and opportunities facing small independent shipping agents in East Africa.

International Transport Intermediaries Club (ITIC) says communication failings within shipbrokers’ organisations can result in important instructions from principals being overlooked, leading to potentially costly claims.

Professional Indemnity Insurance for Shipbrokers 

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 of procedures in a difficult market may serve to make such failures more costly.

International Transport Intermediaries Club (ITIC) has launched a cyber liability extension to ITIC policies to protect its existing professional indemnity members against the growing threat posed by hackers.

These terms and conditions are published for the general interest of members of ITIC. The specific requirements of individual businesses vary and accordingly no responsibility can be taken for the suitability of these terms and conditions to a specific business or contract. As with all contractual terms it is important that the user ensures that they are properly incorporated in their contract with their counterparty. Members should seek the advice of their usual legal advisor prior to using these terms and conditions.