Professional indemnity cover for shipping professionals is provided by International Transport Intermediaries Club (ITIC). It covers claims of negligence, errors and omissions and can extend to specialist areas like directors' and officers' insurance, debt collection, commission income, loss of management fees, cash in transit and cargo liability insurance.
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With cargo’s newfound ability to go well beyond the vessel and even the port, container lines face new liabilities. The intermodal capability means that containers transit on public highways and railroads, areas traditionally excluded from P&I cover. This new type of risk has given rise to the Through Transport Club (‘TT Club’), a specialised transport and logistics mutual covering risks complementing P&I cover. Both covers dovetail with one another through corresponding cover and exclusions during ocean transit.
Circular 05/23: Russian Oil Price Cap update: Reporting requirements, Evasion alert and Russian origin bunkers
On 4 December 2022, the UK Government issued General Licence INT/2022/2469656 (“GL”) to implement the EU/G7 price cap in respect of Russian origin crude oil, which was amended on 3 February 2023 to implement the separate price cap in respect of petroleum products.
The region comprising Latin America and the Caribbean is a busy one for the UK P&I Club. Some prominent Members have a large number of tons entered with the Club and have this region as their principal place of business. Moreover, many of the Club’s entered ships frequently call at Latin American and Caribbean ports regardless of where the Member is based, which can undoubtedly be anywhere in the world.
Following significant engagement between the International Group and the Government of Turkey, an agreement has now been reached for such ships carrying crude oil cargoes and that will allow Members to continue voyages through Turkish controlled international straits and waters.