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OAP Summary/Overview! .pdf
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Department
Finance
Course
FIN 512
Professor
Giulio Iacobelli
Semester
Winter

Description
Section 1 : INTRODUCTION 1.1 THIS POLICY IS PART OF A CONTRACT 1.2 WHERE YOU ARE COVERED Canada United States 1.3 DEFINITIONS: a. Described automobile Shown on certificate b. The automobile Newly acquired Temporary substitute Other driven by you/spouse Trailers (w/ conditions) c. Covered “Protected by insurance” Coverage “Types of protection you have and how much for each type” d. Direct Loss/damage “Damage/loss caused directly by peril; ie. Accident” Indirect Loss Loss of use of car while being repaired e. Excluded Driver “Driver, in or on an auto or getting into, on, f. Occupant out of, or off” 1.4 RESPONSIBILITIES 1.4.1 Changes to original application 1.4.2 Sale/transfer 1.4.3 Purchase of optional Loss/Damage coverages 1.4.4 Report accidents within 7 days under Highway Traffic Act 1.4.5 Don’t operate/drive auto or allow anyone else drive/operate unauthorized 1.4.6 Don’t let anyone use it for race/speed test OR illegal trade/transportation 1.4.7 Inspection of auto and equipment allowed 1.5 WHERE TO MAKE A CLAIM AND WHO MAY DO IT st False/misleading statement within 14d Max. $100,000 (1 nd Max. $200,000 (2 +) Make/use false docs (Federal offense) Max. 10 years imprisonment Deceit/falsehood/defraud/attempt Max. 10 years imprisonment ($5000+) Max. 2 years imprisonment 1.6 OUT RIGHTS AND RESPONSIBILITIES 1.6.1 Payment of claims within 60d 1.6.2 Incorrectly classified/Wrong premiums 1.6.3 Monthly premium payment option 1.7 CANCELLING YOUR INSURANCE 1.7.1 When you cancel Short rate basis –includes handling costs Proportionate basis –will pay for # of days x 1.7.2 When we cancel was covered Only if filed with FSC Less than 60 days Non-payment More than 60 days False particulars Misrep/failed to disclose Risk changed materially 1.7.3 How we cancel for non -payment of prem In person: 10 days notice Must be in writing By mail: 30 days notice In person: 5 days 1.7.4 How we cancel for repeated non -payment or By mail: 15 days other reasons *Don’t have to accept pmt 1.8 WHO AND WHAT WE DON’T COVER 1.8.1 General exclusion (NO coverage under this Explosives policy except for “accident benefits”) Used as taxi, bus, sightseeing; paying people 1.8.2 Excluded drivers and driving without No consent or driven by excluded permission 1.8.3 Rented or leased to another (NO coverage) Exception: business and paid for while using it 1.8.4 Garage workers NOT covered Those who sells, repairs, maintains, stores, services, parks autos 1.8.5 Losses due to war activities NOT covered Loss, damage, injury, death caused by war (Exception: liability coverage) activities Section 2: WHAT AUTOMOBILES ARE COVERED? 2.1 DESCRIBED AUTOMOBILES Coverage: Liability, Accident benefits, Uninsured auto Direct compensation –Property damage Loss or damage 2.2 EXTENDING YOUR INSURANCE TO OTHER AUTOMOBILES 2.2.1 Newly acquired automobiles Replacement Trailer Conditions: - We insure all autos you own - 14 days notice - Not extended if you’re in sales btt 2.2.2 Temporary substitute automobile (out of Coverage: service) Liability, Accident, Uninsured, Direct Comp. Conditions: *CANNOT BE OWNED BY YOU OR - Described cannot be used by ANYONE LIVING IN SAME HOUSE* anyone insured - Ie. Lend your car, then rent another one and expect both covered 2.2.3 Other automobiles are covered if driven by you or spouse 2.2.4 Other automobiles rented or leased Coverage: Liability 2.2.5 Trailers Coverage: Liability, accident, uninsured, comp. (conditions) 2.3 WHEN YOU HAVE 2+ AUTOMOBILES 2.3.1 Under the same policy Example involving auto you don’t own: Highest limit of 2 policies paid 2.3.2 Under more than one policy 1) Find total limits of ALL policies 2) Proportion of A and B OVER total x highest policy limit of ALL policies 2.4 TRAILERS AND TOWING 2.4.1 Trailers Treated as one auto: Liability, Accident, Uninsured Treated as separate: Direct Comp, Loss or damage 2.4.2 Towing Direct Comp, Loss or damage 2.5 INSPECTION Optional Loss/Damage coverage under section 7 can be cancelled if you don’t cooperate Section 3: LIABILITY COVERAGE 3.2 WHO IS COVERED With your consent, uses or operates 3.3 WHAT WE COVER - Bodily injury - Death - Damage to property of others - Medical aid needed 3.3.1 If someone sues you Provide defense Cover: - Costs of investigation and legal 3.3.2 How much we will pay Determined by coverage 3.3.3 Outside Ontario Pay up to higher amount 3.3.4 If there is more than one name insured Total amount will not exceed max. coverage under this policy Included: legal and interest costs 3.3.5 Rented and Leased Automobiles Whoever rents the car, first in line to pay 3.4 YOU AND OTHER INSURED PERSONS’ RESPONSIBILITIES Conditions to abide by: - Notice in writing (6 days) of incidents - Provide incident information - Can reimburse costs back if we were not liable to pay 3.5 OTHER LIMITATIONS ON OUR OVERAGE 3.5.1 Property Not Covered Carried in, rented, in care, custody 3.5.2 Contamination of Property 3.5.3 Nuclear hazards Up to $200,000 only if covered  
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