Shouldn’t Principals Vet Agents like Charterers Vet Ships?

1. Shouldn’t Principals Vet Agents like Charterers Vet Ships? Jeanne Cardona Executive Director Association of Ship Brokers & Agents (USA), Inc.

2. Guidelines for Certification of ASBA Agent Members 1. ASBA Agent Members must abide by the ASBA Code of Ethics 2. An external Certified Public Accountant must be retained annually to submit an “Agreed Upon Procedure Report” attesting to the following: • Amounts due to/from principals are supported by detailed accounting and reporting by principal that correspond to the totals in the general ledger. • Detailed accounting/reporting by principal include a listing of cash receipts and disbursements (by invoice) for sample voyages that agree with total amounts due to/from the principal for selected voyages and in total at end of reporting period. • Separate files are maintained for each principal and all files include supporting documentation. • All transactions for principals are supported by invoices and/or receipts. 3. ASBA Agent Members must demonstrate adequate insurance coverage for: • Automobile (owned and non-owned vehicles) as required. • Workmen’s Compensation for US Longshore & Harbor workers as required. • Liability – Minimum of 1 million dollars per event. 4. ASBA Agent Members must be in good standing in their State of incorporation. 5. ASBA Agent Member’s management must certify that undisputed accounts are settled in accordance with the agent’s agreement with principals and vendors. 6. ASBA Agent Members must ensure that their employees are trained and professional through job training or ASBA training seminars. All ship agents and their direct managers must successfully complete the ASBA Agent Exam. 7. ASBA Agent Members agree that the ASBA Ethics & Grievance Committee will be the governing body should issues arise regarding noncompliance.