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10/10/2013
A commercial ship manager fixed a ship for a voyage of 4,000 metric tonnes of ammonium nitrate in big bags. This type of cargo had been carried by the commercial manager’s fleet on several occasions, but the cargo had always previously been described as being in loose/bulk condition.
A ship fixed by a commercial manager had a clause in the charterparty which stated that the charterer would reimburse owners any extra costs in relation to the ship being ordered into a war risk area.
Historically shipbrokers have been one of the only marine professionals not to use standard terms and conditions when contracting. However this practice has been changing. Over the last couple of years individual broking companies, including some of the biggest, have begun to use their own terms and conditions. ITIC has encouraged this development and assisted with the drafting process.
A marine chemist carried out routine testing of a cargo of methanol when a vessel docked for discharge.
The design of a small aluminium ship was undertaken by a naval architect, who was insured by ITIC. The owner advised that the ship was to be capable of achieving a specific commercial survey class.
16/05/2013
Marine surveyors based in the Far East were instructed by the insurers of a cargo of HRSG harps (which are metal tube modules used in power generation) to conduct a pre-shipment inspection and to advise on loading and stowage....
A naval architect's client commissioned the design of a tug but did not immediately build it. Two years later, the client contacted the naval architect and asked him to update the specification. Four tugs were ordered. The...
17/04/2013
Shipowners often require their agents or managers to deliver cash to ships whilst in port. The risks are obvious. The ship agent or ship manager needs insurance to cover cash when it is temporarily in his custody, whether during transport to the ship, in a strong room at his office, or in a safe at home or on the managed ship. ITIC provides a product offering this combination of insurances which can be offered either on a single occurrence or annual basis.
Loss of commission insurance is as essential for shipbrokers as business interruption and loss of profits insurances are to other businesses. The loss caused by, for example, the sinking of a vessel on a long term time-charter could seriously diminish a shipbroker’s income.
In the last 20 years, ITIC has recovered more than USD 130,000,000 in unpaid commission, outstanding port disbursements, survey fees and other debts for Members. The insurance pays the legal costs of pursuing the debt. Tact is vital in order to preserve commercial relationships and often a polite reminder is all that is needed to secure payment. If proceedings are, however, necessary, ITIC’s specialist team will use whatever legal means necessary to try to recover the monies owed to you.