ITIC Bucks Trend with Continuity Credits

Thursday, April 25, 2002
At a time of great volatility and significant rises in premium costs in international marine insurance and reinsurance markets, the International Transport Intermediaries Club (ITIC) has yet again demonstrated the advantages of insuring with a specialist mutual insurer. For the seventh consecutive year, not only is there no general increase in premium, the club is also giving its renewing members continuity credits of up to 15 per cent. The credits, which range from 5 to 15 per cent depending upon the length of membership, claims record and renewing period, are a unique feature of a mutual club. "With no shareholders to satisfy, we are able to offer some of the most competitive insurance in the market. ITIC's combination of financial strength, a close-knit team of specialists and extensive experience in a narrow field of business enables us to not only offer consistency of pricing but continuity of cover too," says Stuart Munro, ITIC's underwriting director. ITIC has shown once more its willingness and ability to give money back to the membership, using to best advantage its in-depth understanding of what its members do. "ITIC must be one of the only insurers in the world not asking for a general increase," says Munro. "It's about showing long-term commitment to members who show long-term commitment to us," he adds.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

ABP orders Two Gottwald cranes

Terex Port Solutions (TPS) has received an order from Associated British Ports (ABP) for two electric Terex Gottwald Model 8 portal harbour cranes in the G HSK 8424 B four-rope grab variant.

POSH Bags Shell FLNG Contract

Singapore’s offshore marine services provider PACC Offshore Services Holdings Ltd. (POSH) has been awarded a contract to support Shell’s Prelude floating liquefied

Baltic Index up for Third Straight Session

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Friday, for a third straight session, on rising demand across all vessel segments.

Finance

VEB Guarantees $3 Bln of Yamal LNG Debt

Russian development bank VEB said on Friday it had provided a guarantee for $3 billion of debt to the Yamal liquefied natural gas (LNG) project, led by Russian gas firm Novatek.

US Oil Drillers Cut Rigs after 3 Weeks of Additions

U.S. oil drillers cut rigs this week for a 20th week this year after three weeks of additions, according to a closely followed report on Friday, as crude prices

World Stocks Tumble as Britain Votes for EU Exit

Global capital markets reeled on Friday after Britain voted to leave the European Union, with $2 trillion in value wiped from equity bourses worldwide, while money

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0655 sec (15 req/sec)