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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)
Revision as of 20:26, 12 August 2020
, 20:26, 12 August 2020→1. Indemnity
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This insurance indemnifies the insured against liability imposed on the insured by law for the injury or death of another, and/or loss or damage to another’s property, to a total limit of $200,000 (IVR, s 67), to be shared among the victims of a motor vehicle accident (Schedule 3, s 1). The base limit of liability is $500,000 in claims made for a bus, and $300,000 in claims made for a taxi or limousine. Extended Third-Party Legal Liability coverage may be purchased at the insured’s discretion. (See [[Optional_ICBC_Insurance_(12:IV)|Section IV: Optional Insurance]], below). '''If the insured is found legally liable, and no extended coverage has been purchased, he or she is responsible for payment of any claims in excess of the above limits.''' | This insurance indemnifies the insured against liability imposed on the insured by law for the injury or death of another, and/or loss or damage to another’s property, to a total limit of $200,000 (IVR, s 67), to be shared among the victims of a motor vehicle accident (Schedule 3, s 1). The base limit of liability is $500,000 in claims made for a bus, and $300,000 in claims made for a taxi or limousine. Extended Third-Party Legal Liability coverage may be purchased at the insured’s discretion. (See [[Optional_ICBC_Insurance_(12:IV)|Section IV: Optional Insurance]], below). '''If the insured is found legally liable, and no extended coverage has been purchased, he or she is responsible for payment of any claims in excess of the above limits.''' | ||
As of September 16, 2019, ICBC introduced a new insurance category (blanket insurance certificate) for transportation network services (TNS) or ride-hailing companies such as Uber and Lyft. The blanket basic coverage provides coverage up to $1,000,000 third party liability when the vehicle is a) hailed by passengers through the online platform and b) is operated to transport the passengers (IVR, s 154). This blanket coverage is not for individual drivers and it is mandatory for ride-hailing companies. | |||
=== 2. Who is Covered === | === 2. Who is Covered === | ||
