Documentation & Rules

With the issuance of the BIMCO Shipman 2024 and BIMCO Crewman 2025 agreements, it was felt appropriate to review the wording of ITIC’s ship and crew, and crew management endorsements. 

The changes implemented are to make the endorsement conditions and exclusions clearer. 

• Cover is insured on the basis of terms no more onerous than those used in the 2009 or later versions of the BIMCO agreements. The 1998 version is no longer referenced, given that this is over 25 years old and 2 subsequent versions have since been published.
• The wording of the co-assurance requirement condition has also been clarified, with the insurances to include at least full P&I and H&M cover. For crew managers, the condition is for members to exercise best endeavours to be named as co-assured.
• The exclusion wording for risks arising out of the breach of Classification Society rules has been simplified.
• Likewise the exclusion wording for the supply of goods has been reworded to make it simpler and clearer and and attention is drawn to the products liability exclusion at Rule 13.5.

Crew manager endorsement sample

Standard ship, yacht and crew management endorsement sample

The changes implemented are mostly to make the endorsement conditions and exclusions clearer, with most additional wording reflecting the existing position under the Rules.

• The wording clarifies that the underlying contract must have been terminated pursuant to an existing contractual right under the contract, not merely due to a commercial decision by the parties. This is repeated in the “Exclusions” section.
• Additional wording clarifies that constructive total loss is where confirmed by the ship’s underwriters.
• “Allision” has been added (to collision) so this event is also covered.
• The Rule 13 exclusions wording and the exclusion and cancellation wording for outbreak of war have been moved from the “Conditions” section to the “Exclusions” section.
• As per the rules, risks arising out of or in connection with sanctions issues are not covered. This is repeated in the “Exclusions” section
• It is clarified that there is no cover if the reason for termination of the contract was or should have been known by the member before the conclusion of the contract. 
• The member’s existing duty to mitigate is emphasised.
• Additional wording sets out the payment mechanism for a claim under the policy.

Loss of commission endorsement sample

The Insurance Product Information Documents (IPIDs) are a summary of the benefits included, exclusions, restrictions, areas of cover, how your policy is paid and your rights and obligations.

ITIC provides two sets of IPID documents, one for EEA members and another for non-EEA members. Based on where your business is registered, please select the relevant entity below (it will be stated on your policy and the certificate of insurance). These documents are the same, aside from the name of the insurer.

ITIC IPID ITIC Europe IPID

Sample policy

Sample Directors' & Officers' liability insurance endorsement policy

Sample loss of commission income endorsement policy

See here for a full list of our proposal forms