New Insurance Regulations - Launch July 01, 2012

New regulations under the BC Insurance Act will improve protection for property owners - have been approved by Cabinet and come into force 01 July of this year.

Under the new rules - insurance companies will be required to:

  • put in place internal complaint resolution procedures and offer access to ombudmen type services.
  • extend the period to make legal claims from one year to two.
  • provide holders of group insurance products with a copy of key parts of the polocies.
  • the new rules will strenghen language to clarify fire coverage from any cause.

Typically some of you have been shown the "fine" print - after the fact.  Always a good idea to sit down and review it regardless of what your broker has stated.  Of note - when and if it happens - a fire caused by an earthquake will now be deemed covered under the comprehensive fire policy - unless expressly stated otherwise in the policy.  Back in the day - fire due to earthquake was covered in the "earthquake" policy - which we all know had a much higher deductible.  

This will be a good time to find the shoebox that your policy is kept and review your coverage.  You can bet the insurance companies will find a way to "bolster" their rates due to costs of implementing this new internal ombudsman or shifting the fire premium - into a premium gain.  I can hear it now - "new rules - its the Governments fault - we have to raise your premiums".  Ho hum.

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