Is your insurance broker adequately inquiring about your
insurance needs? With the substantial decline of available medical,
rehabilitation and attendant care benefits from $2 million to $1
million for catastrophically injured individuals, this is a
question that will be asked more often in the realm of motor
vehicle insurance. The recent cutbacks to the accident benefits
regime in Ontario are expected to have profound effects on those
seriously injured in accidents.
The Courts have found that insurance brokers have a specialized
knowledge and qualifications for assessing customers' needs
which is akin to a fiduciary relationship. Your broker must do more
than just tell you what is available. They are required to ask
their clients about all potential risk factors and fill in those
gaps by offering the proper insurance that will cover those needs.
This also includes a duty on the broker to ascertain information
upon renewal of policies to ensure that their customers'
