ITIC to Pay Continuity Credit for 21st Year in Succession
For the 21st year in succession, International Transport Intermediaries Club (ITIC) is to pay a continuity credit to all those members who renew their insurance cover during the 2016 policy year, which begins on June 1, 2016.
The CEO of ITIC, Stuart Munro, explains, “ITIC’s board of directors is committed to reducing insurance costs wherever possible. The ongoing worldwide economic downturn, together with fiercely competitive conditions in the shipping and transportation sector, continues to make life very difficult for our members. One of the great strengths of a mutual insurer is the fact that the surpluses accrue to the membership, rather than to third-party shareholders. Therefore, ITIC has decided to pay a continuity credit of up to 17.5% of the annual premium for yet another year in recognition of the outstanding loyalty shown by its members. Loyalty, after all, works both ways. ”