Know which insurer you are getting into bed with

摘要

ITIC makes it a condition for its shipmanagement members to be co-assured on the hull and P&I policies of the owner because, in many jurisdictions around the world, ship managers are deemed to be the operators of ships. By being named as a full joint assured on the hull and P&I policies of the owner, the ship manager is only taking advantage of the cover that was offered to the ship owner in the past when the technical function of managing the ship was still in-house. The insurer is not offering any more cover by including the ship manager as a co-assured just because the ship owner has sub-contracted to another company some of the functions it used to perform itself.