Liability and Insurance Issues Theodore A. (Ted) Feitshans Extension Associate Professor Department of Agricultural & Resource Economics North Carolina.

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Presentation transcript:

Liability and Insurance Issues Theodore A. (Ted) Feitshans Extension Associate Professor Department of Agricultural & Resource Economics North Carolina State University January 14, 2014

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. correspondence to and from this address may be subject to the North Carolina Public Records Law and may be disclosed, if permitted by law, to third parties. All 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.

Liability

Where does liability come from?

Contracts

IPRs

Torts

Strict Liability in Tort

Intentional Torts

Quasi- Intentional Torts

Negligent Torts

Duty

Duty to a Trespasser

Duty to an Invitee

Modification of Duty by Statute

Breach of Duty

Proximate Cause

Actual Damages

Contributory Negligence

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

Program Monitoring

What Is 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 Needs DisabilityProducts Liability Health Life: owner & key employees Property/Casualty Liability Motor vehicle Business 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 To check the license status of an agent: nc.naic.org/Lion-Web/jsp/sbsreports/AgentLookup.jsphttps://sbs- nc.naic.org/Lion-Web/jsp/sbsreports/AgentLookup.jsp For help with unauthorized insurance: – Consumer services –(919) Agent services 56

N.C. Department of Insurance For assistance finding insurance, regularly licensed companies and surplus lines: ness.aspxhttp:// ness.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 or (toll free in N.C.) for assistance.”