11. Does my coverage lapse when I retire?
Yes, as follows:
- A PWUPP member who retires retains title insurance on his or her registered property for as long as he/she retains a registered interest in the property
- Note also that a member may register a property, the title of which is held solely by the member’s spouse, but only if the member is one of the occupants of the property. In this case, the spouse would retain title insurance on his or her registered property for as long as he/she retains a registered interest in the property.
- The member remains covered for identity theft and legal defence for incidents that occurred during the entire annual policy period in which the member retired. Such a member would be covered for claims that occurred during that timeframe and which are reported to the insurer during that timeframe.
- Because of the premium payment structure arranged by the PWU (policy period running annually from March 12th each year), if a member retires in June of a year, but has his or her identity stolen in October of that year, they are covered for the incident.
- Moreover, if he or she is sued or charged criminally with respect to an incident that occurred during that policy period, he or she would still be covered by the PWUPP in respect of that incident. However, please note that notice of claim must be given to the insurer before expiration of that policy period.
- Therefore, a member who is going to retire and becomes aware of an incident that may give rise to a civil suit or criminal charge against the member should ensure that he or she notifies the insurer of the potential claim before the end of the policy period in which the event occurs.
- Example: Member A is the subject of a criminal investigation resulting from a physical altercation that took place in June and the member retires the next October. The member must inform the insurer of the event (even though no charges have been laid) before March 12 of the next year, the date on which his coverage ends.