ICBC stands for the Insurance Corporation of British Columbia. The Provincially created auto insurance company responsible for providing mandatory third party liability coverage. ICBC is the largest crown corporation measured by revenue.
The ICBC Board consists of at least three directors appointed by the Lieutenant Governor in Council. The Lieutenant Governor in Council must also designate a director as the Chair of the Board.
The ICBC is one of the largest automobile insurance companies in North America because the law requires all drivers to purchase third party liability car insurance through ICBC. ICBC has also received the power of government to licence drivers, collect driving fines for violation tickets, and promote road safety.
In British Columbia a person injured in a car accident has the right to sue the driver for compensation and retain an ICBC claims lawyer to represent their best interests. Necessary compensation usually, but not always, comes through third party liability insurance coverage held by the negligent driver.
If the negligent driver is from another province or state, the liability insurance will not be provided through ICBC, although you may still be entitled to benefits from ICBC, and another insurance company may also be involved.
ICBC claims are paid because the corporation is required to provide “add-on” medical and disability benefits to any insured involved in a collision, regardless of fault. This coverage is often referred to as “No-Fault Benefits”. Again, this ICBC accident benefit insurance scheme is controlled and administered by the corporation.
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