Continuity credit

For the 21st year in succession, the 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 1 June. ITIC CEO Stuart Munro explained “The ongoing worldwide economic downturn, together with fiercely competitive conditions in the shipping and transportation sector, continues to make life very difficult. One of the great strengths of a mutual insurer is 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 per cent of the annual premium for yet another year in recognition of the outstanding loyalty shown by members. Loyalty, after all, works both ways.”