Ethical Principles in Legal Practice

Attorneys take on considerable responsibility when they agree to represent a client. They must carry out their duties with a high degree of professionalism.

Ethics Training

All state bar associations have established rules governing professional responsibility, but most are largely based on the federal rules. As a part of admittance to the bar, most states require that aspiring attorneys complete a multiple-choice test covering these rules. Many states also require that attorneys complete Continuing Legal Education coursework, and CLE topics commonly address the attorney code of ethics.

Counseling

There are resources available to attorneys who have an ethical question or concern about a representation. Many bar associations and local networks offer one-on-one confidential counseling to attorneys who are experiencing an ethical conflict.

Fulfillment of Ethical Duties

Attorneys must demonstrate integrity and honesty in serving their clients. Here are some examples of the most important obligations that attorneys must adhere to.

  •       Accept representations that they are qualified to handle
  •       Avoid conflicts of interest
  •       Manage client funds responsibly

Insurance Coverage

Some states require attorneys to carry professional insurance as a part of fulfilling their ethical commitment to clients. This helps to assure that a client will have a remedy in the event that a breach of ethics causes a client harm.

Protect Your Financial Institution Against Dishonest and Fraudulent Employees

Financial institutions carry a lot of risk. While a lot of institutions focus heavily on external risk, it is critical to monitor and protect against internal threats. No one wants to think that employees may compromise the institution, steal or commit fraud in the company’s name. Unfortunately, employees can also become a risk that the institution needs to prepare for. Financial institutions can invest in financial institution bond coverage.

The Importance of Financial Institution Bonds

A financial institution bond is a type of business insurance that protects a company by covering losses associated with:

  • Embezzlement
  • Fraudulent trading
  • Forgery
  • Theft

When an employee acts dishonestly for personal gain, he or she can harm the financial institution. The bank, finance company or any other financial business could face devastating losses or damage to their reputation.

Most Common Financial Bond Claims

Given that all financial institutions have a digital presence, one of the most common claims is due to fraud via fund transfers. Institutions need to be diligent in protection outside of financial bond insurance too. For instance, if a company does not follow protocol, a claim may be denied.

Internal threats should always be a consideration for financial institutions. Without insurance coverage, the effects of theft, fraud or embezzlement can devastate a company.

Professional Liability Insurance for Almost Any Business

Errors and omissions policies are a backbone form of coverage for many professionals, especially those in high trust positions like doctors, lawyers, and financial professionals. They’re hardly the only ones who could benefit from professional liability insurance, though. Most of the time, if a professional is acting as a freelancer or one-person business, some form of E&O coverage for their professional liabilities will wind up being a good idea. From IT contractors to auto repair professionals, each skilled career has its own unique risks associated with professional misjudgment or accidental oversight, and miscellaneous errors and omissions insurance programs exist to provide individualized coverage for those businesses.

Assessing Professional Risks for Yourself

Most of the time, if you aren’t in practice on your own or working freelance, your employer assumes the risk for your professional decisions on behalf of a company. There are some cases where this isn’t true, but largely it is, and as a result many people have very little experience with professional liability coverage. As the workforce becomes more and more dependent with fewer and fewer industries relying on wage labor, that landscape is changing, and diverse E&O programs have become very high-demand. If your current coverage doesn’t include professional liability, now is the time for an insurance review with an eye toward adding the policy. Luckily, there are providers with over a quarter of a century of experience with miscellaneous E&O coverage, so it won’t be hard to find a provider.

Why You Should Consider Purchasing Insurance For Your Semi Fleet

If you are the owner of a fleet of semi trucks, it is vital that you have protection for your vehicles in case something goes wrong. Running a trucking business is not without risks and semi fleet insurance can provide the coverage you need to make sure you don’t have to cover financial damages out of pocket.

Unique Benefits of Fleet Insurance

While individual semi truck insurance is a great option if you don’t have to provide coverage for many trucks, those with a large fleet may be better off purchasing fleet insurance. Fleet insurance is unique in that it can provide coverage for a whole range of vehicles. It is sort of a package deal that can provide protection for a large number of trucks, rather than purchasing insurance for each individual truck.

This can be very beneficial for your trucking business. Not only is a fleet insurance policy more cost effective, it also saves you the hassle of juggling many different insurance policies for all your individual trucks. Fleet insurance can provide all the same protection that an individual policy can provide including:

  • Coverage for your trucks, trailers, and accessories
  • Coverage for towing costs
  • Roadside assistance
  • Liability insurance coverage
  • Cargo coverage

Running a trucking business is not easy. Having the right semi fleet insurance can make all the difference!

The Basic Facts About Aviation Liability

If you love flying high in the sky, you aren’t alone. Whether you enjoy flying drones, taking to the clouds on your own, or renting planes out to others, there are an estimated 750,000 people that enjoy the same activities each month. However, when it comes to owning flying crafts, it is essential to make sure your company is protected with an aviation liability policy.

Federal Rules

Any aircraft that is rented, loaned, or flown with the known intent to unload is considered part of the aviation exclusion in Commercial Liability Insurance coverage. In fact, the FAA has now added UAS and drones to the aircraft exclusion. With the number of crafts that those exclusionary definitions include, it is not surprising the market for aviation liability insurance has risen.

Insurance Coverage

Aircraft owners need to protect their property from damage, suits, and theft. When you acquire aviation insurance, you can opt for coverage that includes:

  • Machines
  • Operators
  • Hangers
  • Passengers

In fact, aircraft policies can cover whatever you want them to.

Advisor Specifics

The best thing about aviation liability insurance policies is that your agent can create a document that covers your specific needs. That makes them cost-efficient for anyone that owns a drone, private jet, or a fleet of rental liners. If you own a flying machine, talk to your insurance advisor about what type of policy will cover your liability needs today.

What You Should Know About Force Placed Insurance

Homeowners with existing mortgages can benefit from understanding forced placed insurance and how it affects them. This insurance coverage is often called lender placed coverage or collateral protection. Since it protects lenders from borrowers whose property insurance lapses, here are some essential things, you need to know about this insurance option.

Insufficient Coverage?

If a property’s coverage expires or is deemed insufficient, force placed insurance allows the lender to protect their financial interests within the property. Additionally, lenders may also require forced place insurance on dwellings at a high risk of flooding if the insurance coverage doesn’t meet the legal minimum.

Rising Foreclosures

Lender placed coverage is becoming more relevant because of rising foreclosures and increasing lapsed property coverage. This insurance option also allows lenders to replace coverage and protect mortgage interest immediately.

Letter Cycle

During the “letter cycle,” lenders can formally notify homeowners of insufficient coverage and request evidence of current insurance coverage. After borrowers supply the requested documentation or fail to produce it, force placed coverage can be backdated to fit the last insured date.

When both borrowers and lenders understand collateral protection, they can ensure property value and protect financial assets. Additionally, when coverage is insufficient, borrowers can benefit from understanding why lender placed insurance is required.

A Quick Review of Commercial Vehicle Insurance

Commercial auto insurance comes in a variety of forms, but companies who own a fleet of vehicles may want to consider a policy that insured all the vehicles at once rather than individually. Regardless of how many employees may be driving the vehicles, fleet insurance is more comprehensive coverage that addresses the potential liability of any employee operating a vehicle.

Vehicle Ownership and Ultimate Liability

An employee driving a company car who gets into an accident may create legal chaos in the event that physical or bodily damage occurs to third parties or properties. The company, as the owner of the vehicle, bears the responsibility for the accident and subsequent claims filed against the company. A commercial plan that provides owned auto coverage can bear the brunt of the financial strain.

Coverage Areas for Company Vehicles

When a fleet of vehicles is insured, typical coverage protections include:

  • Liability coverage
  • Medical payments coverage
  • Comprehensive and collision (physical damage) coverage
  • At-fault party damage coverage

The number of employees that may be listed as drivers for the vehicles, as well as the individual driving records, will factor into the cost of this coverage. The primary geographic locations of vehicle operations and the types of vehicles being insured also impact premium rates.

Vehicle insurance is a must-have for any commercial business. Specific coverage requirements depend on the number of vehicles owned and the use that the vehicles typically see.

Important Considerations about Life Insurance

A life insurance policy offers invaluable peace of mind to you and your loved ones. Navigating this field can be somewhat complicated, s it’s important to give your coverage election careful consideration.

Craft a Plan to Meet Your Needs

Simply having a life insurance plan doesn’t signify that your family is adequately provided for. You shouldn’t be wholly reliant on an employer-sponsored policy if you know that it doesn’t offer the coverage that your family would need. Try to be pragmatic about calculating what your family would need to continue living comfortably for an extended period of time that is greater than just a few months. Consider that they may be faced with additional unexpected costs such as medical care, final expenses, or unpaid obligations.

Work With an Experienced Insurer

If you need to get help from life insurance professionals in Richmond VA, reach out to a company that can provide you with a range of options rather than electing a one-size-fits-all plan. They can advise you about the differences and benefits of various plans.

  •       Term life insurance
  •       Whole life policy
  •       Universal life policy
  •       Survivorship policy

Safeguarding the people who you care about most is an important responsibility. Get expert help to attain affordable life insurance coverage with terms that are easy to understand.

Know the Difference between PLI and GLI

Public liability insurance is an important form of protection for the companies who need it, but deciding whether or not to add it to your general liability insurance can be a hassle if you’ve never dealt with this kind of business insurance before. The difference between coverage types can be hard to spot since general liability protection includes public liability coverage. It also includes many other types of liability, like third party liability for damages related to the workmanship of your products or to services like repairs. For some businesses, the public liability coverage in a general policy is enough, because they only infrequently have guests on-site and their facilities are not open to the public.

When Businesses Need PLI

Adding PLI means taking out extended coverage for that portion of your general liability insurance. It’s designed to make sure your general policy doesn’t hit an annual cap due to claims in this area, so you are not left unprotected in the other areas it covers if you’ve got a large claim or several claims that take you to the general liability coverage cap. This helps you avoid overbuying the general policy. PLI policies almost universally require an existing general liability policy to be valid, because this insurance is meant to extend your protection. It’s not a replacement for general liability insurance.

The Liability Risks to Your Gun Range

Every business requires some form of liability protection. Some industries, such as the firearm industry may require more liability protection than other businesses. If you own a gun range, then you need to consider a multitude of risks. With the right gun range liability management, however, your business should remain in functioning for years to come.

Here are some liability risks that you need to mitigate.

Slips and Falls

One of the most common accidents at a firing range is a slip and fall accident. This is common in most businesses. When someone falls on your property, it is your responsibility. As a business owner, whether it is a guest to your club or a staff member, you are liable for the injuries suffered. Without liability coverage, it may be difficult to handle these costs.

Ear Damage

Firing ranges are loud. It is up to you to ensure that all your clients are protected. If you have defective ear coverings or if someone files a claim against your company for ear damage, then you could have to pay legal fees and medical costs.

Every firearm establishment or gun range requires customized insurance options. Your company has unique needs and it is up to you to ensure that you have adequate coverage.