Auto Insurance Foundations: SABS for Personal Lines & Commercial Lines Brokers

A two-part course bundle, Auto Insurance Foundations: SABS for PL and CL Brokers aims educates brokers on the fundamentals of the Statutory Accident Benefits schedule found in the Ontario Automobile Policy, the optional benefits purchasable, and delves into the commercial lines implications of offering SABS to businesses.

Part 1 – Mastering Basic & Optional Statutory Accident Benefits (SABS) – Personal Lines
Obtaining your RIBO level 1 license requires all brokers to be familiar with the Ontario Automobile Policy.  The base Ontario automobile policy contains certain mandatory coverages that are standardized for all Ontarians. However, there are many optional coverages available to allow policyholders to customize the policy to suit their needs and the needs of their family members. Brokers need to know the ins and outs of what protection it offers to clients, what exposures exists in the client profile, and what endorsements to recommend.  In this course we will focus on the Accident Benefits section of the policy, both base and optional coverages.

Part 2 – Mastering Basic & Optional Statutory Accident Benefits (SABS) – Commercial Implications
This second section will educate you on what commercial implications exist with the Optional Statutory Accident Benefits. By the end of the course, brokers will have the knowledge to determine if Optional Accident Benefits is suitable for their commercial lines client and explain what unique risks exists when offering SABS to them.

Learning Objectives

Part 1:
• Explain how the Statutory Accident Benefits Schedule (SABS) functions and where its limitations are
• List and explain the available Optional Accident Benefits and their functions
• Identify gaps and limitations in the standard benefits
• Identify different types of insurance solutions to protect clients from the impact of automobile accidents
• Identify the target clients for the Optional Accident Benefits
• Put into practice the tips you learned to educate your clients and to successfully offer and sell Optional Accident Benefits where appropriate
• Identify necessary steps to manage Errors and Omissions (E&O) when selling Optional Accident Benefits

Part 2:
• Identify broker options for your commercial clients
• Determine the commercial implications and exposures associated with Optional Accident Benefits for commercial clients
• List the unique E&O exposures associated with Optional Accident Benefits
• Determine the priority of payments in the case of multiple insurers or policies

Recommended for
Personal Lines and Commercial Lines Brokers