International Transport Intermediaries Club (ITIC) has confirmed its continuity credits for the 2026 policy year will match the levels awarded to members in 2025, extending an unbroken 32-year run of returning excess reserves directly to members through reductions in their premium costs.<\/p>\n
ITIC members will once again receive a continuity credit to be applied against their insurance premiums, under the following structure that was approved during the most recent ITIC board meeting, which took place in Hamburg:<\/p>\n
\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0 A 35% credit for members renewing for one year<\/p>\n
\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0 A 45% credit in year one for members renewing for two years, with a guaranteed minimum credit of 30% in the second year<\/p>\n
In addition, ITIC also confirmed that there will be no general premium increase for the upcoming 2026 policy year.<\/p>\n
Alistair Mactavish, Chief Underwriting Officer at ITIC<\/strong>, said: “We are proud to be marking 32 consecutive years of continuity credits and returning our reserves directly to our members. ITIC\u2019s ability to put our members first in this way is the result of careful claims management, disciplined underwriting, and sound financial stewardship maintained consistently over a long period.\u201d<\/p>\n “This track record reflects a long-standing commitment to our members. In an industry where costs and pressures continue to mount, we want our members to know that their relationship with ITIC delivers real, measurable value year on year,” Mactavish continued.<\/p>\n “Our continuity credits are one of the clearest expressions of what mutual membership means in practice, and ITIC remains committed to sustaining it at a meaningful level for years to come,” he concluded.<\/p>\n ITIC has returned more than US$ 223 million to its members by way of a credit payment since 1994.<\/p>\n About ITIC<\/p>\n International Transport Intermediaries Club (ITIC) is the world\u2019s leading provider of professional indemnity insurance to transport professionals across the globe.<\/p>\n As a mutual insurer, it has 100 years of experience providing cover to companies in the marine, naval architecture, aviation, offshore, renewable and hydrographic industries. With 3,650\u00a0members in over 110 countries and a worldwide network of correspondents, ITIC is the acknowledged leader in its field.<\/p>\n ITIC\u2019s insurance has been developed primarily to cover claims of negligence \u2013 errors or omissions. Cover can also extend to specialist areas such as debt collection, loss of commission income, cash in transit, and directors\u2019 and officers\u2019 insurance. ITIC\u2019s wide coverage also includes unique discretionary insurance that could support claims not normally paid by other professional indemnity insurers.<\/p>\n","protected":false},"excerpt":{"rendered":" International Transport Intermediaries Club (ITIC) has confirmed its continuity credits for the 2026 policy year […]<\/p>\n","protected":false},"author":23,"featured_media":278124,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[273,298],"tags":[],"class_list":["post-278120","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-maritimes-news","category-seagoing-maritimes-news"],"yoast_head":"\n