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10/10/2013

Not a class act

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

Damage to harps

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....

16/05/2013

Trouble with tugs

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

Cash in Transit and Money Insurance

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.

17/04/2013

Loss of Commission Cover

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.

17/04/2013

Debt Collection Insurance

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.

17/04/2013

Loss Prevention Advice

Getting more from ITIC is not all about insurance. ITIC also provides a wealth of loss prevention advice through the website, seminars and the ITIC publications of the Claims Review, Wire and Circulars. We also provide seminars to groups of Members, or in-house training to individual Members and insurance brokers. All this for no additional premium.

17/04/2013

Directors’ & Officers’ Insurance

Directors’ & Officers’ insurance (D&O) is a personal insurance purchased by the employer for the benefit of its directors and officers. ITIC’s D&O product protects both individual directors from claims against them in person and also the company that has to indemnify these senior staff. 

16/04/2013

Getting more from ITIC

ITIC provides the most comprehensive errors and omissions insurance for businesses involved in the transport industry worldwide. ITIC also offers a range of additional covers which complement the core cover. This Claims Review has been produced to illustrate the types of claims that are paid within these additional insurances to give you the opportunity to consider how your business could benefit.

16/04/2013

Loss of Management Fee Insurance

Loss of management fee covers the non payment of management fees as a result of the termination of a ship management contract through actual or constructive total loss of the ship under management. Some ship management contracts will provide payment for a short period of continued employment for the manager but will not replace the lost fees beyond that work, which is what the ITIC loss of management fee insurance has been designed to cover.

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