The Guarantee Company of North America has announced a partnership with NAL Insurance to offer customers of the former’s Guarantee Transportation Solution (GTS) program a comprehensive Workplace Safety and Insurance Board (WSIB) Coverage Alternative for their Owner Operators.
The coverage alternative will be made available only to The Guarantee’s customers in Ontario. It aims to “educate and guide fleets on the importance of implementing a comprehensive WSIB Alternative,” a release said.
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“When an Owner Operator opts out of WSIB, it opens up the potential of a lawsuit to the fleet and their customers,” explained NAL Insurance vice-president of sales Glenn Caldwell. “In the event of a Motor Vehicle Accident (MVA), normally WSIB would cover lost income and medical expenses. But with Owners Operator’s that have opted out of WSIB, these claims can go directly to the Statutory Accident Benefits section of a fleet’s primary policy which can lead to huge rate increases the following year.”
“When an insured carrier allows their Owner Operators to opt out of WSIB coverage, The Guarantee looks for best practice controls in place to help protect the insured,” said The Guarantee transportation risk solutions specialist John Farquhar. “These best practice controls must include a good solid alternative workplace coverage that is mandated for all Owner Operators.”
According to a release, the WSIB alternative must be administered by the insured carrier either with the owner operator paying into the program and the provider keeping track of compliance while reporting back to the insured, or the insured paying for the program in lieu of the owner operator.
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