Risk & Business Magazine Waypoint Winter 2021 - Page 5

IMPORTANT LETTERS

3

Important Letters

BY : RACHEL KREBS IS A PERSONAL INSURANCE SPECIALIST AT WAYPOINT INSURANCE

LOL . NBD . TBD . In today ’ s world ,

we ’ re all used to seeing so many abbreviations , it can feel like a whole new language . But some of these abbreviations can pack a punch behind them ! One heavy hitter that we see often in the insurance industry that goes hand in hand with our friends in the legal industry is POA , or Power of Attorney .
Now , you might be wondering , What does my insurance have to do with my lawyer ? Well , maybe more than you think ! Insurance can be all about preparing for the worst to make sure that should something happen , you ’ ve got someone ( or a whole team here at Waypoint ) in your corner !
HOWEVER , WHAT HAPPENS IF WE ARE NOT ABLE TO CORRESPOND WITH YOU BECAUSE YOU ARE NO LONGER ABLE TO COME SEE US IN THE OFFICE , PICK UP THE PHONE , OR SEND AN EMAIL ?
In that case , you need a representative in your corner . If you ’ ve ever been in a car accident and kept having monthly payments come out of your ICBC account , you ’ ll know what I mean . Not to mention we ’ re all experiencing extra time at home with our favourite house plants for company as of late , but what would happen if you were among those who were no longer able to leave their house when they needed to ?
Merriam-Webster ’ s Collegiate Dictionary ( 11th ed .) defines a Power of Attorney as “ a legal instrument authorizing one to act as the attorney or agent of the grantor .” Scratching your head yet ? You ’ re not alone . But as complicated as these documents can be , sometimes it helps to think of it as something a little more friendly — like a burger . Build it up , customize it down . At the end of the day , you and your attorney or notary public get to be the chefs to help prepare for the unexpected . Simply put , you ’ re creating a document that will authorize someone of your choosing to act on your behalf . You can give free rein ( the bacon brie burger ) or have it be more customized to your comfort level ( the classic cheeseburger ). These documents can cover only certain areas ( hold the tomatoes ), meaning you can have it set up to allow your attorney to help with your insurance only , and restrict them from selling any of your vehicles or cancelling any policies . After all , you ’ re the chef and your preferences are key !
Insurance is ever evolving , and if there is anything that 2020 has shown us , it ’ s that curveballs can come out of nowhere , leaving us exposed . This can potentially put one of your biggest assets at risk . By your planning ahead and having the proper legal document , our team at Waypoint is then able to continue to make changes to your policies , update your banking information to prevent cancellations , add or remove coverages , and even help your attorney through a claim if the need arises . Without that document , as much as we would love to help , we might not be able to , because to keep you protected , we need to know that whomever is signing for you has been authorized by you to do so . After all , it ’ s our job to keep you safe !
While we are a great team of brokers , we ’ re certainly not attorneys . So if you are interested in more information or want to get started on your Power of Attorney , there is fantastic information available on the BC Notaries website at bcnotaryassociation . ca as well as the Law Society of British Columbia at lawsociety . bc . ca . And if you are already prepared , then maybe it ’ s just time for a regular burger and to rest easy knowing that we are standing by , ready to help . +
5