Limits of Liability. There is a maximum total limit of liability per car
dholder of $60,000 for claims under
this insurance in respect of all CIBC cards held by a cardholder. The cardholder is entitled to receive the
lesser of: the cost of repairs; the actual cash value of the insured item immediately prior to the loss; or the
portion of the purchase price of the insured item charged to the card. Claims for insured items belonging
to and purchased as a pair or set will be paid for at the portion charged on the card of the purchase
price of the pair or set providing that the parts of the pair or set are unusable individually and cannot
be replaced individually. Where parts of a pair or set are usable individually, liability will be limited to
payment equal to a proportionate part of the purchase price that the number of lost, stolen or damaged
parts bear to the number of parts in the complete pair or set. The Insurer, at its sole option, may elect to
(a) repair, rebuild, or replace the item lost, stolen or damaged (whether in whole or in part) or (b) pay cash
for said item, not exceeding the purchase price thereof and subject to the exclusions, terms and limits of
liability as stated in the Policy.
SECTION 5 – CONDITIONS THAT MAY LIMIT YOUR COVERAGE
This section explains conditions that may limit your entitlement to benefits under this certificate.
1.
2. Benefits Limited to Incurred Expenses. The total benefits paid to you from all sources cannot exceed the
actual expenses which you have incurred.
3. Sanctions. The Insurer shall not provide any coverage or be liable to provide any indemnity or payment
or other benefit under this certificate which would breach economic, financial, or trade sanctions imposed
under the laws of Canada, the European Union, the United Kingdom or any other applicable jurisdiction.
SECTION 6 – WHAT ARE YOU NOT COVERED FOR?
Fraud, abuse, hostilities of any kind (including war, invasion, rebellion, or insurrection), confiscation
by authorities, risks of contraband, illegal activities, willful acts or omissions, normal wear and tear,
normal course of play, flood, earthquake, inherent product defect, items consumed in use, or mysterious
disappearance (means when the article of personal property in question cannot be located, and the
circumstances of its disappearance cannot be explained or do not lend themselves to a reasonable conclusion
that a theft occurred) are not covered under this insurance nor are incidental and indirect damages including
bodily injury, punitive or exemplary damages and legal expenses.
SECTION 7 – HOW DO YOU MAKE A CLAIM?
To submit a claim:
- If in Canada or the United States, call toll free at: 1 866 363-3338.
- From anywhere else in the world, call collect to: + 905 403-3338.
• During your call, you will be given all the information required to file a claim.
• Notice of any occurrence of loss, theft or damage of an insured item must be given within 45 days
thereafter. A cardholder’s failure to give such notice within 45 days after the loss, theft or damage to the
insured item may result in denial of the related claim. In the event that the cardholder has homeowner’s
or tenant’s insurance (primary insurance), the cardholder must file with the insurer of that coverage in
addition to filing with the Insurer. If the loss, theft or damage is not covered under the primary insurance,
the cardholder may be required to provide a letter from the primary insurer indicating so, and/or a copy
of their policy. In addition, the cardholder must, within 90 days from the date of the loss, theft or damage,
complete, sign and return the Insurer’s Loss Report to the Insurer.
• The cardholder must provide details to substantiate the loss, theft or damage, together with original
copies, not photocopies, of the cardholder’s receipt and/or the statement, store receipt, manufacturer’s
warranty where applicable, police report, if obtainable, fire insurance claim or loss report, primary
insurance documentation and payment, if the cardholder has other insurance, and any other information
reasonably necessary to determine the cardholder’s eligibility for benefits hereunder.
• If the item is lost, stolen or damaged, the cardholder may be required to replace the item and provide
original copies of both receipts. Prior to proceeding with any repair services the cardholder must obtain
approval for the repair services and of the repair facility from the Insurer. At the Insurer’s sole discretion,
the cardholder may be required to send at the cardholder’s expense and risk, the damaged item on which
a claim is based to the address designated by the Insurer. The Insurer’s payment made in good faith with
respect to a claim will discharge the Insurer to the extent of the claim.
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