Helping Those Who Need It The Most ™
News & Insights

Blog

At Smitiuch Injury Law, we dedicate our practice to helping clients through difficult periods of their lives. We handle the legal burdens while you focus on healing and your well-being.

FSCO Releases Cost of Goods Guidelines

The Financial Services Commission of Ontario (FSCO) has released guidelines on the costs of goods.  The Guideline was developed as a result of a recommendation by the Auto Insurance Anti-fraud Task Force in its interim report regarding measures that should be undertaken as soon as possible. Pertinent sections are quoted below:

"For the purposes of this Guideline, the retail price is the lowest price, including delivery charges (if delivery is required), duties and taxes, that would be payable by or on behalf of an insured person to acquire an item of goods from a source that is available to a member of the general public in Ontario. Where a retail price exists for an item of goods, a "reasonable" expense for that item for the purposes of sections 15 and 16 of the new SABS and sections 14 and 15 of the old SABS is that retail price, or the price actually paid or payable by or on behalf of the insured person to acquire the item, whichever is lower. In the event of a dispute over whether an expense for an item is "reasonable", the onus is on the insurer to provide reasonable evidence of the retail price of the item. Reasonable evidence includes, but is not limited to: an advertisement; written confirmation from a vendor; or any other reliable form of proof of the retail price."

The Guidelines can be read in their entirety by clicking here.

 

No Comments

Leave a comment
Comment Information
  • Contact Our Personal Injury And Disability Benefits Lawyers For A Free Consultation
  • Get the answers that you need, free of charge. We offer a no-risk initial consultation to clients across Toronto, Brantford, Simcoe, Hamilton, and the GTA.

    Get A Free Consultation

Toronto Office
3280 Bloor Street West
Centre Tower, Suite 800
Toronto, Ontario M8X 2X3

Toll Free: 866-621-1551
Phone: 416-621-1551
Fax: 416-621-1558
Toronto Law Office Map

Brantford Office
330 West Street
Unit 6
Brantford, Ontario N3R 7V5

Phone: 519-754-1558
Fax: 519-754-1580
Brantford Law Office Map

Hamilton Office
1 Hunter Street East
Hamilton, Ontario L8N 3W1

Phone: 905-777-7907
Fax: 416-621-1558
Map & Directions

Simcoe Office
16 Norfolk Street South
Simcoe, Ontario N3Y 2V9

Phone: 519-426-9332
Fax: 519-754-1580
Simcoe Law Office Map

Scroll To The Top