“The report says increasing the deductible to $5,000 or $7,000 isn’t going to help but putting a minor soft tissue injury cap will possibly stabilize rates.”
— Jamie MacGillivray, Canadian Lawyer Magazine
In April’s issue of Canadian Lawyer Magazine, MacGillivray Law’s Founder and Managing Partner, Jamie MacGillivray, provides commentary on the report released by the Newfoundland and Labrador Board of Commissioners of Public Utilities. The Province is struggling to repair a broken insurance system, where drivers are plagued with high insurance premiums, yet insurers struggle to achieve reasonable profits.
One proposed solution is to implement a soft tissue injury cap, which has already been established in the Maritimes and other parts of Canada. However, it is still unclear what effect a minor injury cap would have on stabilizing insurance rates for Newfoundland and Labrador drivers.
You can read the full article in Canadian Lawyer Magazine here.
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