IBC seeks to educate consumers with Know Your Policy insurance program
Published: September 14, 2017
Updated: July 24, 2018
Author: Luke Jones
CATEGORY: Industry News
The Insurance Bureau of Canada (IBC) has launched a new campaign called “Know Your Policy”, developed to increase insurance literacy among Canadian customers.
“A car collision, a home damaged by wind or hail and a business interrupted by vandalism or floods are risks that people face each day,” Sally Turney, vice president of communications with IBC, said in a press release on Wednesday. “After a loss happens, everyday life can change in many different ways. Now is the time to know your policy and better protect yourself.”
IBC is placing online tips on major online platforms like Facebook, Twitter, YouTube, and Instagram. These clips will aim to educate customers. The focus will be on helping consumers understand how important insurance coverage is, and how a claim can be started. How to buy insurance and how to find information will be other aspects of the online tips.
“As consumers, we often invest a significant amount of time researching purchases for household or personal items than we do researching our insurance products,” Turney added. “For those who have insurance, this campaign is designed to help consumers better understand why they should know what their policy covers. If you don’t have insurance for your car, home or business, now is the time to ask questions and protect your most-valuable assets.”
IBC has also opened a Know Your Policy website, which provides the following additional information:
- Declaration – what risks are covered; policy limits; premium due; others who have an interest in the policy (e.g., mortgage holders, lenders); and a list of form numbers and endorsements that add to or alter the policy;
- Insuring agreements – what losses are covered; the subject matter of the insurance and description of the property covered; and the perils insured against – the circumstances when the insured may receive the proceeds of the insurance. For a claim to be valid, it must be covered under the insuring agreement and not stated as an exclusion;
- Policy conditions (requirements the insured must fulfill to maintain coverage) – if an insured breaches a condition, the policy can become void or the insurer may refuse a claim arising out of the breach; statutory conditions that the insurer must comply with; understanding how the law affects the policy; and
- Exclusions and special limits – certain property and perils are excluded from coverage; other insured property may be insured up to a special limit.