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Difference between revisions of "Optional ICBC Insurance (12:XI)"
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Optional ICBC Insurance (12:XI) (view source)
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== A. Introduction to OICs == | == A. Introduction to OICs == | ||
Optional Insurance Contracts (“OICs”) are optional coverage that any person can purchase at his or her 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 his or her 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 Under the current legislation, it has been replaced by Part 4 of the ''IVA'' (Optional Insurance Contracts) and Part 13 of the ''IVR'' (Optional Insurance Contracts).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 Under the current legislation, it has been replaced by Part 4 of the ''IVA'' (Optional Insurance Contracts) and Part 13 of the ''IVR'' (Optional Insurance Contracts). | ||
