Post fixture clause for shipbrokers

Post fixture clause for shipbrokers

Below is ITIC Press Release number PR1014.. ITIC is managed by Thomas Miller. More details about the club and the services it offers can be found on ITIC’s website at www.itic-insure.com..

ITIC has recommended that brokers place a post-fixture clause at the end of recap messages in order to reduce the chances of exposure to severe financial loss as a result of important messages being overlooked.

The following wording was endorsed by FONASBA at its recent annual general meeting in Gothenburg:

“Important: Operations

It is essential that all messages in respect of operations be sent to the relevant email addresses (ops@broker.com). We can accept no responsibility for delay or other consequences if messages are sent to any other email address within the company. Please ensure that all important operational messages are followed up with a telephone call, especially after office hours.”

ITIC says, “Shipbrokers receive a vast number of messages every day. It is not surprising that messages sometimes get missed. The failure to spot and pass on a post-fixture message can have severe financial consequences. In one case, a broker failed to pass on berthing instructions. The vessel remained at anchorage and a substantial demurrage claim was passed to the broker. In another case, a broker received instructions from the time-charterer to notify the owner that the vessel should change direction. This message was not passed on for two days, during which time the ship had been steaming in the wrong direction. The broker received a claim for the costs incurred and the time lost.”

Use of ITIC’s post-fixture clause should lessen the chances of a claim as a result of an important message being missed among the large number of market circulars and negotiation messages received during the average day.