Definitions of parties involved in Commercial Claims total loss settlements

A list of terms and definitions describing the parties involved for a total loss settlement in the Commercial Claims department.

Terms and definitions

Commercial Claims uses several terms to describe parties involved in the total loss settlement process. The below table displays these unique terms and their definitions relating to total loss settlements.

Terms	Definitions
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 legally has an 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. 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. 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. 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. 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.	Beneficial owners are individuals who own and operate the vehicle. Beneficial owners may not be named in the Owner's Certificate due to the licensing requirements for inter-provincial or interstate trade. 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 BC 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.
PST Equity	Customer is entitled to PST credit on the paid portion of their loan (equity). Note: This is only applicable to leased vehicles.