Difference between revisions of "Optional ICBC Insurance (12:XI)"

There is some confusion about which claims must be brought within one year of the accident and which have a limitation period of two years. The IVA stipulates that any action by an insured person against ICBC “shall be commenced within '''one year''' after the happening of the loss or damage, after the cause of action arose, or after the final determination of the action against the insured (IVA, s 17 & 76(7)). IVR s 103, on the other hand, stipulates that no action shall be brought against the Corporation for loss or damage under Part 7 of the IVR after the expiration  of two years from the occurrence of the loss or the last day benefits were provided. From a practical point of view, '''it is almost always better to commence an action as soon as possible to avoid any problems with limitation periods'''.