BU353 Chapter Notes - Chapter 11: Home Insurance, Registered Mail, Fault Coverage
Document Summary
Losses from automobile accidents are a major risk exposure for almost every canadian. Drivers who are found to be at fault for accidents can be sued for both property damage and bodily injury under a negligence standard. No-fault insurance drivers cannot sue for bodily injury losses. In ontario, injured party"s insurer pays for relatively small losses but the injured party can sue the at-fault party for losses that are exceed a given threshold. The major loss exposures arising out of owning an automobile are: Legal liability for property damage or bodily injury to others that the insured driver may negligently cause. Bodily injury to the insured driver and the occupants of the insured vehicle. Property damage to and/or theft of the insured vehicle. Standard auto policy a statutory document unique to each province which establishes standardized wording for auto insurance. Personal auto policy includes three main types of coverage:
