3 Important Letters
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?
What is a Power of Attorney?
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 as well as the Law Society of British Columbia. 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. +