Difference between revisions of "Optional ICBC Insurance (12:XI)"
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=== 1. Limiting and Excluding Coverage Under an OIC === | === 1. Limiting and Excluding Coverage Under an OIC === | ||
Section 61(1.1) of the IVA provides that an OIC that extends coverage in an existing certificate or policy may | Section 61(1.1) of the IVA provides that an OIC that extends coverage in an existing certificate or policy may nevertheless '''limit''' the extended coverage as follows: | ||
*by prohibiting a specified person or class of persons from using or operating the vehicle; | *by prohibiting a specified person or class of persons from using or operating the vehicle; | ||
*by excluding coverage for a specified risk; or | *by excluding coverage for a specified risk; or | ||
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Despite any provision of the IVA or IVR, an insurer is not liable to an insured under an OIC for loss or damage in circumstances specified in the owner’s policy if: | Despite any provision of the IVA or IVR, an insurer is not liable to an insured under an OIC for loss or damage in circumstances specified in the owner’s policy if: | ||
*the OIC relates to a vehicle that is not required under the ''Motor Vehicle Act'' to be licensed and insured (IVA, s 61(7)(a)); and | *the OIC relates to a vehicle that is not required under the ''Motor Vehicle Act'' to be licensed and insured (IVA, s 61(7)(a)); and | ||
*the owner’s policy is endorsed with a statement that the insurer is not liable to the insured for loss or damage in those circumstances (61(7)(b)). | *the owner’s policy is endorsed with a statement that the insurer is not liable to the insured for loss or damage in those circumstances (61(7)(b)). | ||
== B. Types of OICs == | == B. Types of OICs == | ||