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Liability and Insurance Issues Theodore A. (Ted) Feitshans Extension Associate Professor Department...
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![Page 1: Liability and Insurance Issues Theodore A. (Ted) Feitshans Extension Associate Professor Department of Agricultural & Resource Economics North Carolina.](https://reader038.fdocuments.in/reader038/viewer/2022110100/56649e2c5503460f94b1c222/html5/thumbnails/1.jpg)
Liability and Insurance Issues
Theodore A. (Ted) Feitshans
Extension Associate Professor
Department of Agricultural & Resource Economics
North Carolina State University
919-515-5195 [email protected]
January 14, 2014
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DISCLAIMER
Information provided is for educational purposes only; nothing herein constitutes the provision of legal advice or services, and no attorney-client relationship is formed.
E-mail correspondence to and from this address ([email protected]) may be subject to the North Carolina Public Records Law and may be disclosed, if permitted by law, to third parties. All e-mail to and from this address will be archived for a minimum period of 10
years.
IRS CIRCULAR 230 NOTICE: To ensure compliance with the requirements of IRS Circular 230, we inform you that any U.S. tax information provided for educational purposes that is contained in this communication or attachment hereto is not intended or written to be
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
transaction or matter addressed in this communication or attachment.
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Liability
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Where does liability come from?
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Contracts
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IPRs
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Torts
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Strict Liability in Tort
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IntentionalTorts
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Quasi- IntentionalTorts
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NegligentTorts
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Duty
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Duty to a Trespasser
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Duty to an Invitee
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Modification of Duty by Statute
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Breachof
Duty
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ProximateCause
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Actual Damages
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ContributoryNegligence
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Waivers
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Choice of Business Entity
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Independent Contractors
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Employment
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Managing Risk Intelligently
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The Risk Management Model
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Risk identification
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Risk Evaluation
• Low-Severity, Low-Frequency
• High-Severity, Low-Frequency
• Low-Severity, High-Frequency
• High-Severity, High-Frequency
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Risk Treatment
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Selection&
Implementation
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ProgramMonitoring
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WhatIs
Insurance?
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Let’s talk terminology…
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Premium
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Rider
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Policy
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EVENT
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CLAIM
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Adjuster
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Policy holder
Insured
Third-party beneficiary
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Agent/Broker
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Insurable Interest
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Underwriter
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Actuary
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Reinsurer
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Insurance NeedsDisability Products Liability
HealthLife: owner & key employees
Property/CasualtyLiability
Motor vehicleBusiness interruption
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Motor Vehicle
Issues
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Managing Your
Insurance
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Read Your Policy!
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Ask Questions!
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Ask more questions!
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Promptly notify your agent of claims!
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Communicate with your insurance agent!
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Use the resources that your insurance agent provides
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Insurance Pays the Costs of Defense
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CONCLUSION
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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
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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.”