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Difference between revisions of "ICBC and Compulsory Coverage (12:X)"
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ICBC and Compulsory Coverage (12:X) (view source)
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==== a) What is UMP Coverage? ==== | ==== a) What is UMP Coverage? ==== | ||
$1 million of UMP coverage is part of the basic compulsory coverage motorists have with ICBC. It provides compensation against bodily injury or death for the victim of an accident caused by a motorist who does not carry sufficient insurance to pay for the claims. The maximum coverage under UMP is $2,000,000 (which an insured must pay an extra premium to purchase) for each insured person (Schedule 3, s 13 of the IVR). This limit includes claims for prejudgment and post-judgment interest and costs. See section 148.1(5). | $1 million of UMP coverage is part of the basic compulsory coverage motorists have with ICBC. It provides compensation against bodily injury or death for the victim of an accident caused by a motorist who does not carry sufficient insurance to pay for the claims. The maximum coverage under UMP is $2,000,000 (which an insured must pay an extra premium to purchase) for each insured person (Schedule 3, s 13 of the ''IVR''). This limit includes claims for prejudgment and post-judgment interest and costs. See section 148.1(5). | ||
==== b) Prerequisites for UMP Coverage ==== | ==== b) Prerequisites for UMP Coverage ==== | ||
