Liability and insurance issues
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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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Liability and insurance issues

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


Liability and insurance issues

DISCLAIMERInformation 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.


Liability

Liability


Where does liability come from

Where does liability come from?


Contracts

Contracts


Liability and insurance issues

IPRs


Torts

Torts


Strict liability in tort

Strict Liability in Tort


Intentional torts

IntentionalTorts


Quasi intentional torts

Quasi- IntentionalTorts


Negligent torts

NegligentTorts


Liability and insurance issues

Duty


Duty to a trespasser

Duty to a Trespasser


Duty to an invitee

Duty to an Invitee


Modification of duty by statute

Modification of Duty by Statute


Breach of duty

BreachofDuty


Proximate cause

ProximateCause


Actual damages

Actual Damages


Contributory negligence

ContributoryNegligence


Waivers

Waivers


Choice of business entity

Choice of Business Entity


Independent contractors

Independent Contractors


Employment

Employment


Managing risk intelligently

Managing Risk Intelligently


The risk management model

The Risk Management Model


Risk identification

Risk identification


Risk evaluation

Low-Severity, Low-Frequency

High-Severity, Low-Frequency

Low-Severity, High-Frequency

High-Severity, High-Frequency

Risk Evaluation


Risk treatment

Risk Treatment


Selection implementation

Selection&Implementation


Program monitoring

ProgramMonitoring


What is insurance

WhatIsInsurance?


Let s talk terminology

Let’s talk terminology…


Premium

Premium


Rider

Rider


Policy

Policy


Event

EVENT


Claim

CLAIM


Adjuster

Adjuster


Policy holder insured third party beneficiary

Policy holderInsuredThird-party beneficiary


Agent broker

Agent/Broker


Insurable interest

Insurable Interest


Underwriter

Underwriter


Actuary

Actuary


Reinsurer

Reinsurer


Liability and insurance issues

Insurance NeedsDisabilityProducts LiabilityHealthLife: owner & key employeesProperty/CasualtyLiabilityMotor vehicleBusiness interruption


Motor vehicle issues

Motor VehicleIssues


Managing your insurance

Managing Your Insurance


Read your policy

Read Your Policy!


Ask questions

Ask Questions!


Ask more questions

Ask more questions!


Promptly notify your agent of claims

Promptly notify your agent of claims!


Communicate with your insurance agent

Communicate with your insurance agent!


Use the resources that your insurance agent provides

Use the resources that your insurance agent provides


Insurance pays the costs of defense

Insurance Pays the Costs of Defense


Conclusion

CONCLUSION


N c department of insurance

N.C. Department of Insurance

For assistance in finding authorized insurance services in North Carolina:

  • N.C. Department of Insurance http://www.ncdoi.com

    To 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


N c department of insurance1

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.”


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