ITIC Maintains Continuity Credit Payments to Members
FOR the fourteenth year in succession, International Transport Intermediaries Club (ITIC) is to pay a continuity credit to all those members who renew their cover with the club during the 2009 policy year, which begins on June 1, 2009.
ITIC says that, despite the sharp downturn, it is still paying the fourth highest continuity credit ever as the club’s board of directors consider it their duty to provide as much support as they can to members in order to reduce their insurance costs.
Club Manager Stuart Munro explains, “These are difficult economic times for everybody. A contraction in the availability of finance and the continuing decline in world trade are hitting the transportation industry hard. Yet at a time when so many companies are not paying dividends, the directors of ITIC have elected again to pay these credits in recognition of the continuing loyalty of the club’s members. This is one of the great strengths of a mutual insurer because surpluses accrue to the membership, rather than to third party shareholders.”
ITIC is the leading insurer of companies providing services to the transport industry in the marine, aviation, road and rail sectors. It has seen a sharp growth in both the number of members and premium income over the last five years.
ITIC is managed by Thomas? Miller, the managers of the UK Club, TT Club and a wide range of other PI mutuals. More details about the club and the services it offers can be found on ITIC’s website at www.itic-insure.com.