Ship Valuations, statistical and market analysis (01/04/98)

Our Ref: 97/04

April, 1998

To: ship broker, ship manager and marine consultant Members and their insurance brokers.

At their meeting on 21 April, 1998, the Directors of the Club confirmed that they viewed a risk arising from ship valuations, statistical and market analysis produced by ship brokers, ship managers and marine consultants to be within the normal course of performing this service. Such a risk is therefore insured by the Club subject to the valuations or reports incorporating terms and conditions generally used in the industry. The Managers are willing to review valuation and report wordings if requested to do so.

In the case of a risk arising from ship valuations, statistical and market analysis prepared for inclusion in a share prospectus, bond issue, other financial offer document or where circulation is intended, the Directors have instructed the Managers to only provide cover in the future if such a risk is rated individually and this service specifically noted in a Member's certificate of entry.

With effect from 1 June, 1998, cover provided by the Club to ship brokers, ship managers and marine consultants for a risk arising from ship valuations, statistical and market analysis included in a share prospectus, bond issue, other financial offer document or where circulation is intended will be insured in accordance with the above instructions. Members requiring a quotation to insure this risk, or further clarification, are requested to contact the Managers.

ITIM Co. Limited, Managers
International Transport Intermediaries Club Ltd.