Frequently asked questions

A. Unlike commercial insurers, as a mutual insurer, the Directors of ITIC have the discretion to pay claims which are not specifically insured under the Rules, but which the Directors decide are similar or incidental to the assured services. The intention is to provide for circumstances which would have been included in the insurance if they had been contemplated when the insurance was drafted. 

A. This is a requirement by Her Majesty's Revenue & Customs (HMRC). The tax is immediately passed on the tax authorities.

A. This is a payment from ITIC's free reserves which is made to all members at their first renewal, and every renewal thereafter. The continuity credits for members who renew between 1st June 2025 and 31st May 2026 are as follows:

• Members renewing for one year will be entitled to a continuity credit of 35%.
• Members renewing for two years will be entitled to a continuity credit of 45% in year one and a guaranteed minimum credit for the second year of 30%.
• All members currently in a two year policy will receive a total continuity credit of 45% at the midpoint of their policy period, instead of the originally promised 20%.

The boards of both ITIC and ITIC Europe  believe that the continuity credit should continue to be the method used for the distribution of any excess free reserves. Furthermore they are committed to the continuity credits remaining at a sustainable level for future years.

Please note:

1. The continuity credit is calculated on the member’s gross premium paid during the 12 months prior to their renewal.
2. Premium paid for additional insurances, such as Directors' and Officers', unanticipated port disbursements, loss of commission and cash in transit or money insurance is not included in the calculation of the continuity credit.
3. The continuity credit is only available to members who renew for a minimum period of 12 months.
4. Under no circumstances will the net payable premium be less than zero.
5. The continuity credit is also payable to members who are fronted by other insurers for local regulatory reasons

A. ITIC offer the option of 1 or 2 year policies upon and after the first renewal. With a 2 year policy, the level of continuity credit is generally greater and ITIC will provide a guaranteed credit in the second year of a certain amount, which could eventually be higher but not lower. You can also be certain of no increase in premium in the second year, irrespective of claims record. This is a good way of budgeting insurance costs over a 2 year period.

A. Yes, ITIC has no geographical restrictions, although each risk is looked at on an individual basis. 

A. The policy provides claims for physical loss of and damage to third party property if caused during the course the insured service.

A. Visit Our Cover - ITIC

A. We have a comprehensive loss prevention section on our website at: http://www.itic-insure.com/knowledge-zone/claims review 

A. Visit Financial Highlights - ITIC