IBAO Releases Training on New Auto Endorsement OPCF 49

The new course fulfills a training requirement on the new OPCF 49 endorsement —free to IBAO Members.

TORONTO, ON, SEPTEMBER 7, 2023/insPRESS/ – The Insurance Brokers Association of Ontario (IBAO) has released a new eLearning course to address changes to Ontario Auto that take effect January 1, 2024.

Ontario’s new auto endorsement—OPCF 49 Agreement Not to Recover for Loss or Damage from an Automobile Collision—allows drivers to opt out of Direct Compensation for Property Damage (DCPD) coverage. Effective January 1, 2024, insurers issuing Ontario Automobile Policies (OAP 1) will be required to offer the OPCF 49.

Brokers must ensure that they fully explain the benefits and risks of the OPCF 49 to any of their clients who request it.  For example, although a client could reduce their premium, if the client leases their automobile or their automobile is financed, they should not sign an OPCF 49 unless they have specifically consulted with their leasing/financing company. It is quite possible that by signing a OPCF 49 that these clients would be in breach of their financing or leasing agreement.

The IBAO has crafted an eLearning course, 2024 DCPD Changes & Introduction of OPCF 49, to guide brokers through the ins and outs of the new endorsement.  The course comprises a panel discussion between Jessica L. Kuredjian, Partner, Cassels; Amber Wright, AVP, Auto Claim, Travelers Canada; and Anne Marie Thomas, Director of Consumer & Industry Relations, Insurance Bureau of Canada; moderated by Brett Boadway, COO, IBAO. It covers what DCPD coverage is, how it applies to The Insurance Act and what the OPCF 49 is, and includes a thorough look at all the ramifications of the endorsement, with general advice to brokers. It also includes personal lines and commercial lines examples.

“Given the premium savings of signing an OPCF 49 could be low, and the risks to the client high, brokers should be vigilant in ensuring they explain the mechanics of the product to clients, outlining potential risks and consequences of signing an OPCF 49 clearly and thoroughly,” said IBAO COO Brett Boadway. “We want brokers to provide impartial but informed advice to protect their clients and the best way to do that is to be informed and educated.”

The 2024 DCPD Changes & Introduction of OPCF 49 course is available at My IBAO Learning Path and is free for IBAO Members.

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The Insurance Brokers Association of Ontario (IBAO) is a not–for–profit association representing over 14,000 insurance brokers across Ontario.

 

For more information visit: ibao.org instagram.com/ibaontario facebook.com/ibaontario linkedin.com/company/ibaontario

For interview opportunities contact: Norah Black VP, Marketing & Communications nblack@ibao.on.ca 416.488.7422 x128