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 2023 and 31st May 2024 are as follows:

• Members renewing for one year will be entitled to a continuity credit of 15%.
• Members renewing for two years will be entitled to a continuity credit of 25% in year one and a guaranteed minimum credit for the second year of 15%.
• All members currently in a two year policy will receive a total continuity credit of 25% at the midpoint of their policy period, instead of the originally promised 15%.

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$127 million to its members by way of continuity credit payments since 1994. 

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 http://www.itic-insure.com/who-we-insure/ 

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

A. Visit http://www.itic-insure.com/why-itic/annual-report-and-accounts/