Regulatory Alerts2024-11-28
Amendments to Q.P.F. No. 1 – Owners' Form and Related Endorsements Effective January 15, 2025
The Autorité des marchés financiers has amended additional coverage 4.1 for travel expenses due to vehicle theft in Q.P.F. No. 1 – Owners' Form and eight related endorsements, raising the maximum reimbursement to $3,000 per loss with no daily cap. The revised terms now permit insureds to claim similar replacement vehicle leases, taxis, other remunerated passenger transport, and incidental costs such as gasoline and tolls. These amendments take effect on January 15, 2025, and apply to all affected insurance contracts until insurers distribute the updated forms.
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