| May
1, 2000 MPI offers new protection to Manitobans Additional optional coverage for high income earners Manitoba Public Insurance (MPI) is now offering additional optional income protection coverage to Manitobans who earn more than the maximum yearly income insured under MPI's Personal Injury Protection Plan (PIPP). Available through MPI's Special Risk Extension division, this new coverage - Income Replacement (IRI) Extension - is designed for Manitobans who earn in excess of $61,500 annually. Income Replacement Extension allows higher-than-average income earners the opportunity to "top-up" the standard PIPP coverage in order to maintain their pre-accident income if they are unable to work due to injury sustained in a motor vehicle accident. "MPI constantly measures itself to ensure we are meeting customer's needs and expectations," said Marilyn McLaren, MPI's Vice-President of Insurance Operations. "More than 90 per cent of all Manitobans are fully insured for loss of income under PIPP. "Of the remaining 10 per cent who earn more than $61,500, most are already protected by private or group disability coverage. However, there is a small segment of high-income earners for whom IRI Extension coverage may be appropriate." Background Under PIPP, Manitoba residents who are unable to work following a motor vehicle accident are entitled to Income Replacement Indemnity (IRI). Indemnity is limited to 90 per cent of net income, subject to a gross yearly income limit of $61,500. Death payments for employed victims with dependents are also calculated based on income, subject to the same gross yearly income limit. About IRI Extension Coverage The maximum available coverage limit for optional IRI Extension is $200,000 annually - over and above the maximum insured limit under PIPP. IRI Extension can be purchased in increments of $10,000, at a rate of $20 per $10,000.
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