Parties involved in commercial claims total loss settlements

A list of the party names or terms, and descriptions of the parties involved in a total loss settlement on a commercial claim.

The table displays the party names or terms, and their descriptions on how they relate to total loss settlements.

Party or term	Description
Lessor	The primary owner of any leased vehicle, the company that provides the lease.
Lessee	The company or person that holds the lease.
Lienholder	A money lender, such as a bank or financial institution, that has a legal interest in a vehicle until it is paid off.
Salvage	A vehicle that has been damaged beyond economical repair due to collision, natural disaster, or other occurrence. Note: A salvage vehicle will have the status of Rebuild or Dismantle.
Owner Retention (OR)	The owner of a vehicle chooses to retain their vehicle salvage for rebuild or dismantle purposes. Note: The name on the vehicle registration does not change, and taxes do not apply on the salvage quote amount.
Owner Buy Back (OBB)	A Beneficial Owner or Lessee chooses to purchase their vehicle salvage for rebuild or dismantle purposes. Note: The name on the vehicle registration changes, and taxes apply on the salvage quote amount.
Non-Owned Vehicle	A vehicle that is rented or borrowed, licensed or unlicensed, and is from any jurisdiction, including outside of B.C. Note: The named insured on the policy (APV27) is not the owner of the vehicle; therefore, any total loss settlement must be issued to the vehicle owner, not the named insured.
Beneficial owner Note: Also commonly referred to as Taxed Owner Taxable Owner, or Owner Operator.	A beneficial owner is an individual who owns and operates the vehicle. Beneficial owners may not be named in the Owner's Certificate due to the licensing requirements for inter-provincial or interstate trade. Note: ICBC's Own Damage Coverage extends to a person who can supply written proof that they are the beneficial owner of a commercial vehicle described in an Owner's Certificate.
Prorate Licensed Vehicle Note: Also commonly referred to as multi-jurisdictional licensed vehicles.	Prorate vehicles are used in international and inter-provincial trade for the commercial carriage of passengers and goods. Can be identified by the “P” prefix or suffix on the license plate. Will show B.C. Prorate number and list the Beneficial owner on the Prorate system in Session Manager. These vehicles are exempt from paying the PST tax on service, repairs, and most replacement parts; instead, they pay multi-jurisdictional tax upon policy renewal. A trailer that is purchased to be pulled exclusively by a Prorated power unit is also PST exempt on the purchase and for any repairs. The Prorate account number is the tax exempt ID number; therefore, the PST number does not need to be supplied. It should be the Prorate account number indicated to the supplier. The supplier includes the prorate account number in the PST field on the invoice they submit to ICBC. Note: The ICBC Prorate Office may be called for questions at 604-443-4450 or 1-800-665-4336.
Provincial sales tax (PST) Equity	Customer is entitled to PST credit on the paid portion of their loan (equity). Note: This is only applicable to leased vehicles.