Here's a simple analogy to understand the concept of Obligations, Liability, Risk, and Indemnity in a project. Scenario: I take my toddler to a restaurant and order tea. Obligations: I am obligated to pay for my order. Liability: If I accidentally break a teacup, I'll be liable to pay for the broken cup. Indemnity: If my toddler accidentally breaks a teacup, he won't have to pay a single penny. I'll pay for the entire cup on my toddler's behalf. In other words, I have indemnified my toddler. Risk: There is a risk that I forgot my wallet at home. In such a situation, I'll be unable to fulfill my obligation of making payment for the tea that I had ordered. I hope that this analogy clears up these terms.
Vatsal Tanna’s Post
More Relevant Posts
-
From grocery aisles to bustling malls, slip and fall accidents can strike anywhere, leaving victims grappling with injuries and financial burdens. In Indiana, understanding the nuances of slip and fall lawsuits is paramount, with compensation hinging on proving negligence and navigating complex legal terrain. Economic damages, encompassing medical bills and lost wages, vie for attention alongside intangible non-economic ones like pain and suffering. As plaintiffs strive for justice, factors like evidence quality, insurance coverage, and jury perceptions shape the trajectory of their cases. With seasoned legal counsel from Wyant Law, navigating these complexities becomes a pathway to securing the restitution and closure slip and fall victims deserve.
To view or add a comment, sign in
-
Did you know you may be eligible for compensation after a slip and fall accident? 🤔 Here's a simple guide to increase your chances of winning your case: https://lnkd.in/geVENpYU #slipandfall #personalinjury #injuryattorney
How To Win a Slip-and-Fall Case in Kentucky: A Simple Guide - Regard Law Group PLLC
regardlaw.com
To view or add a comment, sign in
-
Injured in a car accident in BC? Understanding how damages are assessed is crucial for your claim. Our latest blog breaks down the complex process of calculating compensation, from pain and suffering to lost income. https://ow.ly/Bxiy50T1i2Q #personalinjurylaw #vancouverpersonalinjurylawyers
How courts assess damages for personal injury claims
https://meridianlawgroup.ca
To view or add a comment, sign in
-
We’re Coulter Harsh Law and we're here to help seek justice for your loss. Wrongful death attorneys specialize in semi-truck accidents, vehicular accidents, motorcycle accidents, bicycle accidents, air travel, premises liability, and product liability scenarios that involve wrongful death. In all these scenarios, the responsible party did not uphold the legal requirement to act safely and responsibly, which, although death was unintended, they are responsible for causing. Losing a loved one is a tragedy that can be hard to overcome, especially when their absence comes with financial devastation and emotional suffering. When another’s negligent actions or recklessness causes that tragedy, referred to as wrongful death, it can be unbearable to cope with as many decisions need to be made. Coulter Harsh Law will treat your family with compassion while aggressively pursuing the maximum legal settlement for your wrongful death claim. Although nothing will ever replace your loved one, qualified legal representation can help compensate for losses that occur when a loved one passes away, such as expenses incurred by the deceased before death, loss of survivors’ financial stability, pain and suffering, medical expenses, your own personal loss and end-of-life costs such as estate distribution and funeral planning. When you schedule a free consult with Coulter Harsh Law, you take vital steps to receive financial compensation and achieve justice for your loved one, yourself and other family members and above all things, closure. https://lnkd.in/eAuuytJg
To view or add a comment, sign in
-
Nearly the weekend at Barker Booth & Eastwood Solicitors in Blackpool. I find that Clients often report that making a personal injury claim “is not something that I would normally do”. There’s often a misconception that people who make claims are just looking to make some easy money. Here at Barker Booth & Eastwood we act for Clients who have been injured through no fault of their own. The Solicitors in our Personal Injury Department personally assess and discuss each claim with a Client directly at the outset. We go through the claim thoroughly with them and listen and advise. If there are insufficient prospects then we will advise why we cannot act. Making a claim when injured, not only compensates you for the pain, suffering and loss of enjoyment of your day to day life but it gives you access to necessary treatment, recovery of lost earnings and access to help and support. The effects of an accident and injury can be debilitating. The inability to work can negatively affect a person’s mood, the loss of an income can be worrying. If you damaged a car or vehicle, it can be fixed in no time and put back as to how it was before the accident. Unfortunately, if you suffer an injury, you simply cannot be “put back” as to how you were before the accident. This is why compensation is paid for those suffering an injury. Most Clients would prefer not to have been injured in the first place. The compensation paid reflects the nature and extent of the injury and loss and compensates for that. Solicitors since 1969. #personalinjury #blackpool #solicitors #lancashire #lawfirm
To view or add a comment, sign in
-
HORROR STORY ALERT: Just spoke to a single mother that was in desperate need after a pretty serious car accident. She was concussed, sustained a pretty serious head injury with significant swelling and bruising, and passed out twice. Unfortunately, I couldn’t help her because she already signed an injury agreement with the insurance company for ONLY $2,000.00. This could have been a policy limits case had she had proper representation. Instead, she’s still injured and car-less and the accident was not her fault! This is WHY representation MATTERS. I’ve heard too many stories like this throughout my years practicing law. I know there are good adjusters out there and I also understand there are ambulance-chasing attorneys out there filing frivolous lawsuits. I’m not one of those attorneys. I speak with my clients. I come up with a legal blueprint for your case and I fight. Yes, you may get lucky and have a good adjuster on your case, but you still need to maximize the value of your case. So stop messing around and get help for your car accident. Even if it’s minor, I can at least talk to you and tell you how to maximize the value of your case on your own. #carwreck #personalinjurylaw
To view or add a comment, sign in
-
⚔️ Time for a war story! Case studies like these can help you learn how to protect your business from similar allegations. Here's a quick dip into a recent claim from our archives. ⚖️ The Claim: Less than a year after the inspection, a claimant demanded $35,000 to repair the roof, including damage from roof movement and downward deflection, as well as fractured rafters. 🔍 The Details: The inspector admitted to our claims team that he had failed to inspect the attic thoroughly because of the quantity of mold up there. But he forgot to say the mold prevented a thorough attic inspection in his report. 🛡️ Resolution: Since the inspector was liable, the claimant was awarded all $35,000, which was covered by his insurance through us. The inspector only paid his deductible. 🎓 Key Takeaways: If you're ever obstructed, don't leave it unmentioned. If your client doesn't know that the inspection was obstructed by something (attic access, mold, furniture, etc.), then they won't know to get another evaluation later. Mention obstructions, and suggest further evaluation to avoid situations like this one.
To view or add a comment, sign in
-
Circa 2019, when I was still adjusting claims, I flew out from NJ to CA to attend a mediation. As you can tell from the picture, I made a family trip out of it. The insured's broker was Woodruff Sawyer. Pregnant with my third, I remember feeling extremely nauseated this whole trip, sipping bubbly drinks and stashing crackers in my purse to ease the discomfort. Everyone involved in the case treated me graciously, making me feel as comfortable as possible. It helped so much to have this kind of support from every stakeholder - my bosses at Chubb made sure I felt comfortable enough to fly, the Woodruff Sawyer team made sure the communication channels were open, defense counsel and the insured were kind and easy to work with despite some coverage issues. Little did I know that almost 5 years later, I'd be on the broker side, advocating for my clients in a different way. Claims by nature are conflict-ridden. Conflict that arises due to differing views on the subject matter doesn't mean there needs to be emotional conflict. It's wholly possible to disagree on something technical in a respectful, civilized way. Don't forget that your adversary today may one day be your boss 😊 #InsuranceIndustry #Coverage #SocialMarketing #ClaimsManagement #Conflict #Litigation #Innovation #WoodruffSawyer #LifeAtWS
To view or add a comment, sign in
-
To Settle or Go To Trial: Navigating Your Car Wreck Case In the aftermath of a car wreck, victims are faced with numerous challenges, not least among them the decision of whether to settle with insurance companies or pursue a trial in court. This pivotal choice can significantly impact the outcome of their case, affecting everything from compensation to closure. Let’s dive into the considerations involved in making this decision, provide some clarity and potential guidance for those navigating whether to settle or go to trial over their car wreck case. Continue Reading by Clicking Below 👇 https://lnkd.in/euv5umTn #legalblog #blogpost #yourhometownfirm #settlement #triallawyer
To Settle or Go To Trial: Navigating Your Car Wreck Case | Walton Law Firm
https://www.waltonlaw.com
To view or add a comment, sign in
-
Personal injury cases are legal disputes that arise when one person suffers an injury for which someone else may be legally responsible. Missouri law enables the injured party (the plaintiff) to file a claim to recover compensation for injuries caused by the at-fault party. This general overview covers the types of compensation that may be recovered. https://lnkd.in/gc5WRk5e
Types of Compensation in Personal Injury Cases
https://nashfranciskato.com
To view or add a comment, sign in