Quote:
Originally Posted by Noir
It's been a while since I've been an insurance broker but the brokers and brokerages are licensed and governed by the Insurance Council of BC. If you think they're at fault causing you inadequate or lapse in coverage, and they're not willing to rectify the error, you can report them to the Council for disciplinary measures (which pretty much means either fines or suspension of licenses).
I've never actually gone through process of a complaint, or filing a complaint during my time as a broker (thank goodness for that), so I can't be of any help on the proper procedures but a quick 30 sec googling got me this:
Insurance Council of BC - Problems with a licensee
Here's a link that shows current disciplinary decisions against "licensees (what they call brokers or brokerages)" which I guess is a good sign that the Insurance Council very active in regulating they're licensees.
Insurance Council of BC - Council Disciplinary Decisions |
I currently hold a license with council on the individual side and work for one of canadas largest MGA's. I don't deal with general insurance (car/house etc) but I'm well versed in dealing with council in matters of disciplinary actions.
I'm going to be having a discussion with the agency and will eventually have to deal with a dispute. The agent has E&O insurance for a reason and it wont be and sweat off his back if he needs to fork over $1700.
Plain and simple beacon tells me market value is 7100 thats what the policy should have been for regardless of what I paid.