The brand new course fulfills a coaching requirement on the brand new OPCF 49 endorsement —free to IBAO Members.
TORONTO, ON, SEPTEMBER 7, 2023/insPRESS/ – The Insurance coverage Brokers Affiliation of Ontario (IBAO) has launched a brand new eLearning course to handle adjustments to Ontario Auto that take impact January 1, 2024.
Ontario’s new auto endorsement—OPCF 49 Settlement To not Get well for Loss or Injury from an Vehicle Collision—permits drivers to decide out of Direct Compensation for Property Injury (DCPD) protection. Efficient January 1, 2024, insurers issuing Ontario Vehicle Insurance policies (OAP 1) will probably be required to supply the OPCF 49.
Brokers should be certain that they absolutely clarify the advantages and dangers of the OPCF 49 to any of their shoppers who request it. For instance, though a consumer may scale back their premium, if the consumer leases their car or their car is financed, they need to not signal an OPCF 49 until they’ve particularly consulted with their leasing/financing firm. It’s fairly potential that by signing a OPCF 49 that these shoppers could be in breach of their financing or leasing settlement.
The IBAO has crafted an eLearning course, 2024 DCPD Modifications & Introduction of OPCF 49, to information brokers by way of the ins and outs of the brand new endorsement. The course contains a panel dialogue between Jessica L. Kuredjian, Accomplice, Cassels; Amber Wright, AVP, Auto Declare, Vacationers Canada; and Anne Marie Thomas, Director of Client & Business Relations, Insurance coverage Bureau of Canada; moderated by Brett Boadway, COO, IBAO. It covers what DCPD protection is, the way it applies to The Insurance coverage Act and what the OPCF 49 is, and features a thorough take a look at all of the ramifications of the endorsement, with normal recommendation to brokers. It additionally consists of private traces and industrial traces examples.
“Given the premium financial savings of signing an OPCF 49 may very well be low, and the dangers to the consumer excessive, brokers ought to be vigilant in making certain they clarify the mechanics of the product to shoppers, outlining potential dangers and penalties of signing an OPCF 49 clearly and completely,” mentioned IBAO COO Brett Boadway. “We wish brokers to supply neutral however knowledgeable recommendation to guard their shoppers and one of the simplest ways to do this is to learn and educated.”
The 2024 DCPD Modifications & Introduction of OPCF 49 course is offered at My IBAO Studying Path and is free for IBAO Members.
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The Insurance coverage Brokers Affiliation of Ontario (IBAO) is a not–for–revenue affiliation representing over 14,000 insurance coverage brokers throughout Ontario.
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