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It is the job of any lawyer to provide competent representation to a client. Competent representation requires the legal knowledge, skill, thoroughness and preparation reasonably necessary for any representation in a court of law. This simply means that no lawyer should attempt to handle a legal matter that he or she knows (or should know) that they are not competent to handle, except in those cases where they are associating with a lawyer deemed competent to handle the matter.
A client who is particularly dissatisfied with the way their case is being handled, coupled with the likelihood that such matters can easily become costly judgments against that same client, could rectify the situation by suing their own attorney, which shows another example for the need for attorney professional liability insurance.
Prime example of an issue that could lead to a rift between clients and their attorneys
For example, a motion for discovery sanctions can introduce adversity into an otherwise harmonious attorney-client relationship. This may raise the issue of whether the attorney or the client was at fault for the discovery violation. The client may then blame the lawyer for failing to properly survey the landscape of potentially discoverable material.
On the other hand, the attorney may blame the client for improperly informing the attorney that a litigation hold has been implemented. In either case, failure to comply with discovery obligations presents a range of adverse consequences for a civil litigant, including a possible dismissal.
In addition, a lawyer shall not intentionally fail to seek the objectives of the client through reasonably available means permitted by law, or prejudice or damage the client during the course of the representation, except as permitted or required by certain governing rules. A lawyer shall abide by a client’s decisions concerning the objectives of representation and, as required by rule shall consult with the client as to the means by which they are to be pursued.
A lawyer shall abide by a client’s decision whether to settle a matter. In a criminal case, the lawyer shall abide by the client’s decision, after consultation with the lawyer, as to a plea to be entered, whether to waive jury trial and whether or not the client will testify.
Failure to abide by a client’s wishes will ultimately pit the attorney against the very person they were hired to defend. To avoid uncertainty, lawyers should always consult with their clients on every matter and carry attorney liability insurance for those times when issues arise.
photo credit: Kaptain Kobold cc
Members of higher learning institutes must first agree on a common definition of risk that is clearly understood throughout the college or university by the board, management, and staff, in order to effectively manage any existing risks and this includes securing proper amounts of higher education insurance. The practice of risk management is also essential to any organization that is responsible for the safety and well being of its staff and students, along with workers, visitors and others visiting their establishments.
The purpose is to educate and also track risk management trends, something that is done regularly by the Association of College and University Auditors (ACUA) and the Public Risk Management Association (PRIMA), which has recognized that the transformation of risk management includes organizational vision, mission and strategies, as well as being informed about the most recent changes in risk management.
How risk management practices have evolved and expanded
Risk management practices evolved from insurance purchases when universities (as well as businesses) decided to invest in methods to treat risk exposures. Originally the scope of risk management was narrowly defined to include only accidents that resulted in a loss, but in the 1980s, as sophisticated risk financing became an important alternative to insurance, risk management expanded to include other risk transfer and risk control strategies.
Traditional risk management practices expanded into strategic risk management, which is an even more comprehensive approach that includes investment, business, and political risk considerations. Higher-education leaders, anxious to develop business strategies for the 21st century are recognizing, and continuously examining, the market forces that are changing the entire economy, as well as related business environments that envelop our complex higher education institutions.
There are many developments that are increasing the pressure for higher learning institutions to develop effective risk management policies:
- Powerful new technologies requiring significant investment of both financial and human capital resources
- Fierce competition for faculty, students, staff, and financial resources
- The need for increased productivity, responsiveness, and accountability
- Increased external scrutiny from government, the public, and governing boards
- Rapidly increasing entrepreneurial ventures, and
- Increased levels of litigation, in general and internally
As higher education leaders map new strategies to deal with the stresses and strains on traditional administrative and financial infrastructures they need both, a sound risk management plan and higher education insurance tailored to the particular needs of their students and personnel.
Accountants face potential liability on a daily basis simply because of the nature of their work, which is why so many invest money in coverage, in the form of accountants professional liability insurance. After all, financial institutions depend on them to verify the numbers on loan applications, and investors also rely on their accountants to provide accurate information during audits when they make investment decisions.
Those same accountants are often targeted to take the blame of the failure of a business due to errors and omissions in the work they perform, since they often provide financial advice to companies, prepare their tax returns or audit their financial statements in an attempt to provide a reasonable assurance that they have accurately reflected the financial situation of those same businesses.
The cost of liability coverage is not very excessive
Those are just a few of the reasons why the American Institute of Certified Public Accountants, the national trade organization for CPAs, recommend that every accounting firm carry liability insurance. Liability insurance is significantly less expensive than it would be for say, a physician, but it’s likely to be slightly more costly than for some other medical professionals, such as pharmacists and nurses.
The price of a policy is determined by many variables, including the size of the firm, the type of work the firm does, and the amount of the policy deductible. Companies that audit publicly traded firms generally face greater costs than those that audit private firms, in part because the greatest number of claims come from tax practices, but the most expensive claims most likely result from audit work.
Due to the volume of clients, larger firms tend to be at risk every day, with liability being a present factor, even in the lowest level of services provided. For example, some firms do a lot of compilations, which involves creating financial statements from information provided by the client, but the accountant often does not verify that same information.
Even though a compilation clearly states that the accountant isn’t expressing an opinion about the statements, someone who relies on them for a business transaction can still sue the accountant, citing negligence, or errors or omissions, all the more reason to carry adequate amounts of accountants professional liability insurance.
photo credit: voyageAnatolia.blogspot.com cc
Buying homeowners insurance isn’t just an option from your mortgage lender. It is a contract that could shield one of your biggest financial investments. You must take into account your region of the nation and dangers that could change your dwelling when buying your insurance policy.
Hurricane prone places make it particularly vital to ensure specialty coverages and appropriate limits. Here are some things to remember, when purchasing homeowners insurance in Florida:
1. Sufficient Limits: The kind of valuation is significant, when establishing the coverage limit. There are two valuations that are generally employed:
2. Coverage Valuation: Most folks are not unaware of their house’s value as time goes by, when it is first purchased by them, nevertheless, the value changes. Be sure that your insurance policy limit change so. Change in other such variables, and building codes, construction prices may change the value of your home. Making important upgrades to the dwelling or setting on an improvement increase its worth. You would like to make sure these changes are sufficiently insured by you. The final thing that you want to face is a complete loss and then learn when your house really some has grown that it remains valued at its purchase price several years past. The price to improve your coverage limit to your home’s accurate value is minimal in comparison to the amount that may lose in case . Your house may be qualified by particular upgrades for rate reductions.
- Replacement Cost: They’re going to buy repair using quality materials that are similar as the initial pre-loss house building.
- Actual Cash Value: This kind deducts depreciation, wear and tear and other variables from your home’s value.
Premiums are higher, but undoubtedly worth the added price. Recall, the reason for insurance is significantly more than meeting a mortgage condition. The savings isn’t worth ACV at the time, although premiums for it are not more expensive.
3. Extended Replacement Cost Coverage: After a significant disaster building materials become rare and are in high demand. Likewise construction workers are at a premium because of the high demand, so driving the price of repairing/rebuilding upwards your dwelling. Extended Replacement Cost Coverage pays above and beyond the coverage limitations for such scenarios and takes this into thought. Based on the insurance company, policies may pay just as much as 20% above coverage limitations. It helps it be rewarding backing your policy so.
4. Understand your hurricane deductible: About have a 2% hurricane deductible. In return because of this substantial deductible, coverage owners are given 10 on their coverage on the wind premium. This law continues to be in the state of Florida for about ten years. It’s also not unusual in about 17 other hurricane-impacted states. Imagine your shock if you become attentive to the 2% deductible. Knowledge is essential.
5. Flood Insurance: Did you realize a regular homeowners policy will not cover flood damage, including storm surge? Don’t stress out though, because this coverage can be purchased from the Federal Government through the National Flood Insurance Program (www.fema.gov) Bear in mind, the maximum coverage limitation at time of the writing is $500,000.
When purchasing homeowner’s insurance being advised is essential. Talk do some research on the web and to a few brokers. Just make certain you do your research before a loss is there.
As everyone in the insurance business knows, it is important to have an insurance agency website. No matter what type of insurance is being sold, one thing will never change: consumers and potential customers are using the Internet for practically every aspect of their lives, and this includes shopping to find and compare policies that they are interested in securing. With this in mind, agencies need to position themselves online to achieve a higher level of success.
Selecting the right website designer
When hiring a designer be sure to take a look at his or her feedback and portfolio first. Another important consideration is to have a look at some example sites available to help explain what the company is looking for, in terms of design and content. Take cues from other agents who currently have an enviable web presence.
Find out what is, and isn’t working, in order to make a more informed decision. This will help quite a bit when making decisions on what to include on the new website, once the right designer has been found and approved.
It may seem overly simple, but this is an area where many insurance professionals fail. The last thing any business wants is for a visitor to be forced to dig through their website to find their contact information. This is the one thing that should be as simple as possible to find. In order to ensure that the contact information is easily accessible, include email address and phone number on the home page, and repeat on every other page of the site.
The header or a sidebar are good locations for this information, and by all means, make it visible! This will ensure that anybody who is interested will know what he or she has to do in order to make contact with an agent.
Make the site unique and helpful
Chances are, there are plenty of insurance agents in the area that can boast having an insurance agency website. Doing something unique that will set this agency apart from the competition is especially important. This will give the consumer confidence that the agency knows what they are doing, putting them in a position of authority in the industry.
photo credit: ingrid eulenfan cc
It’s the time of year when, sadly, one turns on the news and hears of yet another senseless and completely preventable tragedy that no amount of personal insurance can rectify: a young child is left in a locked car. The parent returns hours later to find the child severely dehydrated, near death from hyperthermia, or already deceased. Sometimes it’s a tragic accident, chalked up to harried and overtired parents who simply made a mistake. Sometimes mischievous children have hidden in the car and were not discovered by the parent until it’s too late. Other times, more sinister motivations appear to be at work, such as a recent case when a father claimed he forgot his infant strapped in the backseat, although he went to the car to retrieve an object a few hours later and still neglected to see the child, and then spent the rest of the afternoon sexting a variety of women. So how does this happen?
Actually, infant and child deaths due to being left in automobiles occur year-round, according to experts—they are simply reported on more prominently in the summer months. Nearly 50 children perish each year, and countless others are injured. Parents still fail to realize how quickly the interior of a car can heat up. In one test, on a warm but not excessive hot day, the air temperature was 80 degrees. Just 15 minutes later in the parked car, though, the heat inside was measured at 98 degrees and climbing. Children who are strapped into car seats cannot free themselves; even if they could, it’s unlikely that anyone that young could manipulate the door handles, even if the door locks were automatically disengaged with a pull from the inside. Older children may be stymied by door locks, especially in newer-model cars, and would also not be able to roll down auto windows that operate electrically.
The answer is simple: Never leave infants or children (or pets for that matter) unattended in vehicles. Even with the windows cracked and on mild days, the rapid heating of the interior is too often underestimated. Sometimes, personal insurance starts with taking simple preventive measures.