Insurance should be viewed as a spreading mechanism to protect the University against unaffordable financial loss and not as a first dollar recovery fund for any and all claims. Departments having custody of University equipment are responsible for this deductible amount. It applies to all property losses whether occurring on or off University premises and regardless of causation or fault. Certain other policies of a more specialized nature have various deductible amounts some of which may change from time to time depending on insurance market conditions. Any specific queries in this regard should be referred to the Risk Management and Insurance Department.
Vehicle insurance is a specialized coverage prescribed by statute.
The Ontario Automobile Insurance Act has been revised a number of times in recent years and is a modified no-fault system. This means that all vehicle damage, regardless of cause or fault, is insured through the vehicle owner's policy with a few minor exceptions. Fault only matters in regard to premium charges, not claim payments. Bodily injury to persons arising out of a vehicle accident is also covered under the owner's policy for benefits as described in the Act subject to a deductible if the injury is serious. Personal CDW coverage can usually be purchased as an endorsement to an individual's automobile insurance policy or via a premium credit card such as VISA Gold or equivalent.