OSBIE – Ontario School Board’s Insurance Company Car Insurance Review

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Ontario School Board’s Insurance Company Overview

The Ontario School Board Insurance Company is a non-profit insurance program that currently has 118 different members and it also represents 77 difference school boards and 41 different joint ventures across Ontario. This insurance company has a goal of being able to ensure member school boards against losses and to help to promote safe school practices to minimize losses. The good thing about this insurance company is that each member assumes the risk carried by all members of the group and they also share any surplus of funds that are accumulated. The group is run by a Board of Directors who are elected from the membership group. In 2015, the company made a total profit of $5,460,000 which rank and 50th in the country in terms of total profit for all insurance companies.

Products Offered by Ontario School Board’s Insurance

If you’re thinking about joining Ontario School Board Insurance Company, you will be interested to learn about the things that they cover. When choosing insurance company is extremely important to make sure that the things you want to be covered can be covered and to make sure that you can get the amount of liability that you desire. Especially when you have so many people on board a large vehicle or within a space, you definitely want to make sure that you have lots of liability coverage and other coverages because you never know what is going to happen. To help you decide if this company is one that you want to get insurance through, here are the things that they currently offer:

  • general liability
  • property
  • boiler/machinery
  • crime

Ontario School Board’s Insurance Car Insurance Review

In order to help you to be able to decide if you want to get insurance things company, you might be interested to find out how much business they do. Looking at home a business they do, it is important to keep in mind that this company does not provide insurance to the average person, instead, they provide insurance to schools and joint ventures. However, you still might be interested to see what their total written auto premium is, which essentially describes the total amount of money that they collected before that payout any claims. In 2015, Ontario school boards insurance company had a total written auto premium of $1,613,000. Definitely no small feat for a company that only sells insurance to a small group of people and it is definitely a respectable dollar amount that shouldn’t turn you off trying to get insurance through this company.

Ontario School Board’s Insurance Car Insurance Products:

Claims:

Claims are a huge part of the Ontario School Boards’ insurance business. In fact, the company has established that it is their philosophy to provide their members with an efficient and knowledgeable claim handling service. They actually have a five-step philosophy in place to help provide this exceptional service, which we will outline below:

1: to quickly identify an incident which may cause a claim against any member school board

2: to thoroughly investigate found claims and determine the potential for liability

3: to establish reserves based on projected future liability and accurate assessment of current liability

4: when liability is found, to attempt to negotiate fair and fast-paced settlement

5: to manage risk as best as possible and to reduce the frequency of claims through loss control and proper risk managing

Liability:

One of the good things will get insurance to this company is that they offer a range of coverage options for different amounts of seating. Liability ranges based on the number of seats in the vehicle and at current rates liability ranges from $1 million-$8 million. Many insurance companies are not willing to give out this high of insurance liability due to the amount of money that it could potentially cost them. Due to the fact that this is a non-profit insurance company, you will find that liability is quite generous. No one likes having to pay liability because it means that damage was done and people were likely hurt. Members of the Ontario School Board Insurance Company are pledged to have each other’s backs at any given time, which is one reason you might want to consider picking this company.

Rental vehicles:

One of the nice things about getting insurance through this company is that they offer temporary substitute vehicles in the event that a major accident occurs. Coverage is available that allows companies to be able to rent vehicles for they are employees and have the entire cost of rent covered so long as a deductible is paid. Especially if major damages were done to a vehicle, it can definitely take a long time to repair, which is why this insurance is extremely nice to have for some peace of mind.

Individual coverage:

One great thing about getting insurance through this company is that you are protected while operating a vehicle that isn’t owned by you if you are doing it for board purposes. You’re also protected in the event that you’re operating your own vehicle while you are on board business as well. This means that if you are driving to things like field trips, you have insurance coverage in excess to your own vehicle insurance coverage.

Ontario School Board’s Insurance Total Sales/ ranking by province

One thing that might interest you if you’re trying to decide which insurance company you should go with is the total amount of business that the company conducts in various provinces throughout Canada. To help you see this firsthand, we have created a table displaying the direct written premiums that the company collected in 2015 in each of Canada’s provinces. We then took those statistics and compared them to the top 30 insurance companies in each province only to find that the company did not rank within the top 30 in any of the provinces for all these reasons, which you will see below:

Province:Direct Written Premiums 2015Ranking on Top 30
NewfoundlandN/AN/A
Prince Edward IslandN/AN/A
Nova ScotiaN/AN/A
New BrunswickN/AN/A
QuebecN/AN/A
Ontario1,632,000N/A
ManitobaN/AN/A
SaskatchewanN/AN/A
AlbertaN/AN/A
British ColumbiaN/AN/A
Yukon TerritoryN/AN/A
Northwest TerritoriesN/AN/A
NunavutN/AN/A

Resources:

http://www.osbie.on.ca/about/

http://www.osbie.on.ca/risk-management/advisories/automobile.aspx#advisories

http://www.osbie.on.ca/claims/