ITIC warns on fake agency accounts
ITIC has issued a warning to shipping and transport intermediaries about a scam currently being perpetrated whereby pre-funded port costs are being diverted to a fake bank account
Read moreITIC has issued a warning to shipping and transport intermediaries about a scam currently being perpetrated whereby pre-funded port costs are being diverted to a fake bank account
Read moreITIC has reminded ship agents and other shipping and transport intermediaries that, in today's highly competitive industry, they run the risk of being sued even when they are not at fault.
Read moreITIC has highlighted the high cost of litigation for shipbrokers and others seeking judgment in the English courts
Read moreITIC has warned ship managers of the potentially severe financial implications of nominating unsuitable ships for the carriage of specific cargoes.
Read moreITIC warns on troubles occured due to manager's error when nominating ship unsuitable for specific cargo.
Read moreITIC Warns Shipping Intermediaries of Cleverly Forged Documents
Read moreInvoicing error sees shipbroker saddled with bill for bunker supply
Read moreITIC warns on costs of US documentary disclosure
Read moreITIC warns that avoidable errors can prove expensive for ship agents
Read moreDue to financial difficulties International Transport Intermediaries Club (ITIC) says it has seen a noticeable increase in claims against ship managers by shipowners who are going through difficult financial times.In the latest issue of its Claims Review, ITIC notes that, as result of their financial difficulties, owners resist paying for the full maintenance of their ships and also end up owing ship managers not only for their own fees but also for disbursements paid on owners' behalf. When ship managers try to collect the funds due, they are faced with a claim for negligence in the management of the ship. In ITIC's experience, once shipowners fail to put managers in funds, the situation rarely improves, and usually deteriorates. The resulting claims are time-consuming and costly to defend.ITIC says that it is of the utmost importance that ship managers' records and correspondence with shipowners are clear and in good order. By way of illustration it cites a dispute between the manager and owner of a ship involving a balance of funds owed to the manager. It was agreed that those funds would be put into an escrow account. The matter remained idle for five months, until the owner raised a claim ...
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