Difference between revisions of "Optional ICBC Insurance (12:XI)"
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Optional Insurance Contracts (“OICs”) are additional optional coverage that any person can purchase at their discretion. The following are '''some''' of the '''types''' of coverage, over and above the Basic Compulsory Coverage, that may be purchased at the owner’s option from a private insurance company. The term OIC includes, but is not limited to policies providing coverage for excess third-party liability, excess own vehicle damage, excess UMP coverage, and excess no-fault income replacement. | Optional Insurance Contracts (“OICs”) are additional optional coverage that any person can purchase at their discretion. The following are '''some''' of the '''types''' of coverage, over and above the Basic Compulsory Coverage, that may be purchased at the owner’s option from a private insurance company. The term OIC includes, but is not limited to policies providing coverage for excess third-party liability, excess own vehicle damage, excess UMP coverage, and excess no-fault income replacement. | ||
'''NOTE''': Formerly, Part 9 of the ''IMVA Regulations'' (Extension Insurance) covered material under this part. Under the current legislation, it has been replaced by Part 4 of the ''IVA'' (Optional Insurance Contracts) and Part 13 of the ''IVR'' (Optional Insurance Contracts). | :'''NOTE''': Formerly, Part 9 of the ''IMVA Regulations'' (Extension Insurance) covered material under this part. Under the current legislation, it has been replaced by Part 4 of the ''IVA'' (Optional Insurance Contracts) and Part 13 of the ''IVR'' (Optional Insurance Contracts). | ||
=== 1. Limiting and Excluding Coverage Under an OIC === | === 1. Limiting and Excluding Coverage Under an OIC === | ||
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*by providing different limits of coverage for different persons or risks or classes of persons or risks. | *by providing different limits of coverage for different persons or risks or classes of persons or risks. | ||
'''NOTE''': The above prohibition, exclusion, and limit are not binding on the insured unless the policy has printed on it in a prominent place and in conspicuous lettering the words “This policy contains prohibitions relating to persons or classes of persons, exclusions or risks or limits of coverage that are not in the insurance it extends” (''IVA'', s 61(2)). | :'''NOTE''': The above prohibition, exclusion, and limit are not binding on the insured unless the policy has printed on it in a prominent place and in conspicuous lettering the words “This policy contains prohibitions relating to persons or classes of persons, exclusions or risks or limits of coverage that are not in the insurance it extends” (''IVA'', s 61(2)). | ||
In an OIC, an insurer may provide for further exclusions and limits to coverage for losses in respect of: | In an OIC, an insurer may provide for further exclusions and limits to coverage for losses in respect of: | ||