Despite the uncertainty in relation to the global economy, we are pleased to report that the Directors of ITIC have once again agreed to support the members by awarding a continuity credit to each member who renews their insurance this policy year. This will be the 26th consecutive year that ITIC has paid a credit at renewal.
This is a payment from ITIC's free reserves which is made to all members at their first renewal and every renewal thereafter. Current credit levels for the 2020 policy year are between 10% and 20%. The effect of this payment is to reduce the net cost of every member's insurance by these percentages. Every year, ITIC’s board of directors assess what level of credit should be paid that policy year. ITIC has returned more than US$ 142 million to its members by way of a credit payment since 1994.