Post on 01-Jan-2016
description
Liability and Insurance Issues
Theodore A. (Ted) Feitshans
Extension Associate Professor
Department of Agricultural & Resource Economics
North Carolina State University
919-515-5195 taf@ncsu.edu
January 14, 2014
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used and cannot be used for the purpose of avoiding penalties under the Internal Revenue Code or for promoting, marketing or recommending to another party any
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Liability
Where does liability come from?
Contracts
IPRs
Torts
Strict Liability in Tort
IntentionalTorts
Quasi- IntentionalTorts
NegligentTorts
Duty
Duty to a Trespasser
Duty to an Invitee
Modification of Duty by Statute
Breachof
Duty
ProximateCause
Actual Damages
ContributoryNegligence
Waivers
Choice of Business Entity
Independent Contractors
Employment
Managing Risk Intelligently
The Risk Management Model
Risk identification
Risk Evaluation
• Low-Severity, Low-Frequency
• High-Severity, Low-Frequency
• Low-Severity, High-Frequency
• High-Severity, High-Frequency
Risk Treatment
Selection&
Implementation
ProgramMonitoring
WhatIs
Insurance?
Let’s talk terminology…
Premium
Rider
Policy
EVENT
CLAIM
Adjuster
Policy holder
Insured
Third-party beneficiary
Agent/Broker
Insurable Interest
Underwriter
Actuary
Reinsurer
Insurance NeedsDisability Products Liability
HealthLife: owner & key employees
Property/CasualtyLiability
Motor vehicleBusiness interruption
Motor Vehicle
Issues
Managing Your
Insurance
Read Your Policy!
Ask Questions!
Ask more questions!
Promptly notify your agent of claims!
Communicate with your insurance agent!
Use the resources that your insurance agent provides
Insurance Pays the Costs of Defense
CONCLUSION
N.C. Department of Insurance
For assistance in finding authorized insurance services in North Carolina:
– N.C. Department of Insurance http://www.ncdoi.comTo check the license status of an agent:
https://sbs-nc.naic.org/Lion-Web/jsp/sbsreports/AgentLookup.jsp
For help with unauthorized insurance:– 1-800-546-5664 Consumer services– (919) 733-7487 Agent services
56
N.C. Department of Insurance
• For assistance finding insurance, regularly licensed companies and surplus lines:
• http://www.ncdoi.com/Consumer/Consumer_Business.aspx
• “This Program is designed to assist commercial insurance buyers in their efforts to obtain difficult-to-place commercial coverage. Agents and consumers can call 919-807-6750 or 800-546-5664 (toll free in N.C.) for assistance.”