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

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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


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


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


BreachofDuty


ProximateCause


Actual Damages


ContributoryNegligence


Waivers


Choice of Business Entity


Independent Contractors


Employment


Managing Risk Intelligently


The Risk Management Model


Risk identification


Low-Severity, Low-Frequency

High-Severity, Low-Frequency

Low-Severity, High-Frequency

High-Severity, High-Frequency

Risk Evaluation


Risk Treatment


Selection&Implementation


ProgramMonitoring


WhatIsInsurance?


Let’s talk terminology…


Premium


Rider


Policy


EVENT


CLAIM


Adjuster


Policy holderInsuredThird-party beneficiary


Agent/Broker


Insurable Interest


Underwriter


Actuary


Reinsurer


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


Motor VehicleIssues


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.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 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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