Marine Link
Sunday, September 25, 2016

ITIC Bucks Trend with Continuity Credits

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.


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