CAIB 3 Chapter 3- The Commercial Automobile Exposure

Question	Answer
Two different systems used to insure automobiles in Canada:	1. Private Insurers 2. Compulsory Government Insurance Plans
Three types of Standard Policy Forms used to insure vehicles:	1. SPF #1 Owner's Form 2. SPF No.4 Standard Garage Automobile Policy 3. SPF No.6 Standard Non-Owned Automobile Policy
Standard Policy Forms:	1
The 3 Provinces with Compulsory Government Insurance:	1. British Columbia 2. Saskatchewan 3. Manitoba
3 Types of Automobiles insured under SPF #1:	1. Private Passenger Automobiles 2. Commercial Vehicles 3.Public Automobiles (buses/taxis)
Additional Hazard Faced by Insurers of Public Vehicles:	Increased number of passengers being carried and vehicles are being used more continuously over long periods of time.
3 Sections of Coverage Avaialble under SPF #1:	1. Third Party Liability 2. Accident Benefits 3. Physical Damage
3 Costs Provided Under Section B- Accident Benefits:	1. Funeral Expense 2. Death Benefit 3. Loss of Income
4 Costs Provided Under Section C- Physical Damage:	1. All Perils 2. Collision 3. Comprehensive 4. Specified Perils
SEF #44 Provides Coverage for:	a) Injury b) Death Caused by an underinsured or uninsured Motorist.
Operation of SEF #44:	Increases TPL limits available to victims to the same limits purchased under their own policy. Payment will be limited to the difference between the liability limit of the insured's policy and that carried by motorist at fault.

Resource summary

	Created by Pamela Stanton about 8 years ago