Credit Cards for Businesses

Transcription

1 Client Notice Credit Cards for Businesses Changes to the insurance included with your credit card Effective September 1, 2017

2 In an effort to offer you the most advantageous coverage possible, we hereby advise you that National Bank Life Insurance Company will become the insurer for all insurance coverage included with your card 1, effective September 1, For residents of Alberta, Canassurance will be the insurer as of that date. We would like to take this opportunity to advise you of some changes made to the insurance coverage offered with your card. These changes are set out in the present rider. Please note that if you have optional insurance, the coverage applies until the end of your agreement. The following changes affect the Platinum Business credit card. At the same time, you may also consult the new Distribution Guide and insurance certificate that contains the changes outlined in this rider at nbc.ca/changes as of August 1, We encourage you to communicate this information to your credit card s authorized users.

3 Insurance Coverage Amendments Effective September 1, 2017 Purchase and extended warranty insurance > The following items were added to the list of items excluded from purchase insurance and are therefore no longer covered: Perishable products or food Drones and any other remote-controlled flying devices Heat pumps and any other heating or air conditioning devices > The following situations were added to the list of purchase insurance exclusions and no claim will be payable when the loss is caused by one of the following: Professional use of an item destined for personal use Damage caused by insects or animals > Heat pumps and other heating or air conditioning devices were added to the list of items excluded from extended warranty insurance and are therefore no longer covered.

4 Vehicle rental insurance > Usual and reasonable towing charges and charges by a rental company for loss-of-use of a vehicle are now covered. The insurance will therefore refund you for these charges subject to the maximum amounts indicated in the guide and certificate. > The exclusion of luxury vehicles was previously defined according to a list of excluded vehicle brands. This list was withdrawn and the exclusion now applies to vehicles with a manufacturer suggested retail price (MSRP) of more than $65,000. All vehicle brands are now covered (subject to eligibility criteria) as long as the MSRP is equal to or below $65,000. > The following items were added to the list of items excluded from personal belongings coverage and are therefore no longer covered: Perishable products or food Tablets (such as ipads), cell phones, laptop computers and software Photography equipment: photo, video or audio devices or accessories

5 Baggage insurance > For the coverage to apply, only a portion of the cost of the trip needs to be charged to the account prior to departure while, previously, all main lodging and transportation costs related to the trip had to be charged to the account. However, for baggage delay coverage, we have maintained the requirement to have the entire cost of this transportation charged to the account prior to departure. > The following items were added to the list of items excluded from baggage insurance and are therefore no longer covered: Gems Perfume Tablets (such as ipads), cell phones, laptop computers and software Photography equipment: photo, video or audio devices or accessories

6 > Two changes were made to the list of situations for which baggage insurance does not apply and no claim will be payable: Mysterious disappearance is now covered in the case where luggage is registered with a public carrier for travel in which the entire cost is charged to the account. Previously it was excluded in all cases. Damage or losses caused by an earthquake, radioactive contamination or a flood are now excluded and no claim will be payable in these situations. Common carrier travel accident insurance > Compensation for hospitalization has been increased and simplified. Previously, the compensation was $33 per day if the hospitalization was for less than one month and $1,000 per entire month (maximum 12 months) if the hospitalization was for more than one month. The compensation is now $33 per day (maximum 365 days) for any duration of hospitalization. > An exclusion was added to the travel insurance to the effect that no claim will be payable if death or dismemberment is related to an act of terrorism.

7 General Clauses > Insurance coverage will now cease when the account is no longer in good standing. Previously, coverage ceased on the billing date following the date when the account was no longer in good standing.

8 l For more information Consult the current certificate nbc.ca/changes Take advantage of our expertise Set up a meeting at a branch nbc.ca/find-us 1 Subject to approval by certain regulatory authorities National Bank of Canada. All rights reserved. Any reproduction, in whole or in part, is strictly prohibited without the prior written consent of National Bank of Canada (2017/04)