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ARTICLE · 28 MARCH 2014

If It’s Broke, Make Sure You’re Allowed To Fix It!

Gowling WLG
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The Financial Institution Commission of British Columbia ("FICOM") recently released Information Bulletin INS-14-001 to clarify its position regarding the issuance and sale of glass repair and replacement contracts in British Columbia.

CanadaInsurance
Heather Gray
Heather Gray
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The Regulation of Product Warranties in British Columbia

The Financial Institution Commission of British Columbia ("FICOM") recently released Information Bulletin INS-14-001 to clarify its position regarding the issuance and sale of glass repair and replacement contracts in British Columbia.

Although the Information Bulletin was directed at the glass suppliers and insurance agencies selling the product, it may have implications far beyond broken glass and should be cautiously considered by any manufacturer or retailer who offers accidental repair and replacement coverage on the products they sell.

"Product Warranty Insurance" versus "Property Insurance"

INS-14-001 was the result of an enquiry FICOM received as to whether a particular glass repair and replacement product was, in fact, a contract of insurance subject to regulation under the Financial Institutions Act and the Insurance Act in B.C.

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