5,109
edits
Difference between revisions of "Optional ICBC Insurance (12:XI)"
From Clicklaw Wikibooks
Optional ICBC Insurance (12:XI) (view source)
Revision as of 19:37, 1 August 2023
, 19:37, 1 August 2023no edit summary
| Line 1: | Line 1: | ||
{{REVIEWED LSLAP | date= August | {{REVIEWED LSLAP | date= August 1, 2023}} | ||
{{LSLAP Manual TOC|expanded = ICBC}} | {{LSLAP Manual TOC|expanded = ICBC}} | ||
{{LSLAP 12 Old System Notice}} | {{LSLAP 12 Old System Notice}} | ||
| Line 23: | Line 23: | ||
*the loss of use of the vehicle. | *the loss of use of the vehicle. | ||
Section 61(1.2) of the ''IVR'' provides that an OIC may '''not''', in respect of third party liability insurance coverage: | Section 61(1.2) of the ''IVR'' provides that an OIC may '''not''', in respect of third-party liability insurance coverage: | ||
*prohibit a person who is living with and as a member of the family of the owner of the vehicle from using or operating the vehicle; or | *prohibit a person who is living with and as a member of the family of the owner of the vehicle from using or operating the vehicle; or | ||
*exclude or provide different limits of coverage for that person. | *exclude or provide different limits of coverage for that person. | ||
| Line 33: | Line 33: | ||
== B. Types of OICs == | == B. Types of OICs == | ||
=== 1. Extended Third Party Legal Liability === | === 1. Extended Third-Party Legal Liability === | ||
Third Party Legal Liability insurance may be increased from the basic compulsory $200,000 (taxis and limousines require $300,000; buses $500,000) to a greater amount. The exclusions and conditions that apply to the basic Third Party Legal Liability coverage (Part 6) also apply to this extended coverage. See [[ICBC and Compulsory Coverage (12:X)#10. Forfeiture of Claims and Relief from Forfeiture | Section X.B.10: Forfeiture of Claims and Relief from Forfeiture]] and [[ICBC and Compulsory Coverage (12:X)#11. Breach of Conditions and Consequences | Section X.B.11: Breach of Conditions and Consequences]]. | Third Party Legal Liability insurance may be increased from the basic compulsory $200,000 (taxis and limousines require $300,000; buses $500,000) to a greater amount. The exclusions and conditions that apply to the basic Third-Party Legal Liability coverage (Part 6) also apply to this extended coverage. See [[ICBC and Compulsory Coverage (12:X)#10. Forfeiture of Claims and Relief from Forfeiture | Section X.B.10: Forfeiture of Claims and Relief from Forfeiture]] and [[ICBC and Compulsory Coverage (12:X)#11. Breach of Conditions and Consequences | Section X.B.11: Breach of Conditions and Consequences]]. | ||
=== 2. Own Damage Coverage === | === 2. Own Damage Coverage === | ||
| Line 53: | Line 53: | ||
===== (3) Specified Perils ===== | ===== (3) Specified Perils ===== | ||
This insurance is more limited than Comprehensive. It covers only loss or damage caused by fire, lightning, theft or attempted theft, windstorm, earthquake, hail, explosion, riot or civil commotion, falling or forced landing of an aircraft or part of an aircraft, rising water or the stranding, sinking, burning, derailment or collision of a conveyance in or on which a vehicle is being transported on land or water (''IVR'', s 150). | This insurance is more limited than Comprehensive. It covers only loss or damage caused by fire, lightning, theft or attempted theft, windstorm, earthquake, hail, explosion, riot, or civil commotion, falling or forced landing of an aircraft or part of an aircraft, rising water or the stranding, sinking, burning, derailment or collision of a conveyance in or on which a vehicle is being transported on land or water (''IVR'', s 150). | ||
==== b) Limit on Liability ==== | ==== b) Limit on Liability ==== | ||
