Posts Tagged ‘uk’

Das Legal Expenses

das legal expenses

Citizens Financial Group Appoints Wendy A. Watson Board Providence, RI – (BUSINESS WIRE) – Citizens Financial Group, Inc. (CFG), announced today that Wendy A. ..

Property Insurance Companies

property insurance companies

Imagine Life Without Property Insurance? How Would You Sleep at Night?

Imagine going through life with no insurance at all. Must be a bit like driving car without a seat belt in place.

For most people, insurance is a necessary aspect of life. It is the safety net that protects you from a crushing fall or an imminent disappointment during hard times.

Nothing is worse than an unforeseen natural or man-made disaster that unfortunately removes earnings capacity or assets from you or your business.

There are many types of insurance available, such as life, auto, workman’s compensation, liability. And, sometimes it would seem that we can “over-insure” ourselves.

But perhaps the commonest type that is really necessary is property insurance. Whether you are a homeowner or a business operator, property insurance is the one area you should not neglect. So, what is property insurance?

Property Insurance – A Definition

This cover is a type of insurance that provides protection for building structure or structures and its contents. This coverage is malleable and is oftentimes depended on the consumers needs. In some cases, the cover may protect outdoor signs, crime coverage, and property of others, glass coverage, and more.

You can get property insurance through a written contract, called a policy. This policy legally binds you, the policyholder, with an insurance company. The policyholder will pay the insurance company a certain amount of money, called ‘a premium’ and in exchange, the company will agree to pay for certain types of damages or losses. These damages or losses to be covered by the policy are outlined specifically in the contract.

Property Insurance – Importance and Benefits

Property Insurance has many benefits. Monetary value is one of these benefits that such cover can provide .

The company on risk will pay for damages or losses you encounter in such cases as fire or theft. It is therefore a way for you to protect yourself and your interests.

The amount of money you get from the insurance company will depend on how much cover you’ve bought at the time of the contract-signing.

For instance, if you bought a $100,000 amount of protection, your insurer will only pay for replacement or reconstruction of damaged property up to that stated amount. Most property insurance companies pay up to 10% in total damages.

Property Insurance – Types

There are many types of property insurance available. Most of these are categorized according to the needs of the policyholders.

For instance, a landlord has different cover needs than a homeowner. What the landlord owns is rental property and the specifics involved in that property type is different from a home. Rental property insurance covers the damages or losses arising from negligence on the tenants part.

As all schemes, rental property insurance offers coverage for the actual building structure and its contents. Rental property insurance can pay for the cost of repairing damaged articles, such as carpets, furniture, curtains, and other house items, caused by guests or tenants.

A homeowners policy provides the same type of coverage offered by a typical property insurance policy.

Most lenders require buyers to have property insurance when applying for a mortgage.

The homeowners insurance policy gives the lenders the security they need to close the sale. It also protects the homeowner from damages caused by disasters, such as fires, floods, earthquakes, theft, vandalism, and the like.

There are several other types of property insurance available. From small business, to medium enterprise, to commercial properties – there’s a different kind of coverage for each.

About the Author

Geoff Morris has been helping others build up their property portfolios to match or exceed his. For more information on the world of property insurance,
visit his
Protected Property On Line Guide

I have personal property insurance for my apartment. We just bought a house & will have homeowners insurance?

Do I cancel the personal property insurance since we are moving into our new home next month? Also, do I still need Personal property insurance on our new home if we have homeowner’s insurance with another company already?

homeinsurance.awardspace.us – try this one. Got my home insurance from them. As I know they provide such a service.

Litigation Manager Jobs

litigation manager jobs

The New Generation In Golf Course Jobs

The game of golf has evolved much over the last fifty years. The jobs that go along with this sport have also changed. Golf course jobs were once thought to be tasks that were reserved for young boys during the hot summers at their country club. Gone are the days when the only golf jobs available were to be a cart boy or pro shop pawn. While most golf courses still employ individuals to take care of guests and perform tasks such as rounding up the range balls, they offer career opportunities that far exceed those, as well. You might even be surprised at some of the folks who are finding work in the golf industry these days.

When you head out to the links and you shoot that 87 with three double bogies, it is easy to forget that a golf club is also a business. Despite the beautiful grass and seemingly lazy atmosphere, there is a whole heap that goes on behind the scenes to make sure the final product is up to par. Because of this, golf courses hire professionals just like any other business. Those graduating from law school may feel this precludes them from participating in the golf industry. That is completely false. Golf course jobs have evolved to the point where courses and country clubs are now hiring their own personal team of attorneys to handle everything from contracts to potential litigation from accidents that may happen on the course. Many golf courses also employ their own accountant in order to take care of the tax needs of the company. Golf course jobs have come a long way since the days where cart boys had the responsibility of washing down the golf scooters.

You might not look like Jennifer Lopez and your specialty may not be in weddings, but if you are an event planner or special occasion specialist, then a golf course in your area might be your next client. When special days roll around at the country club, the members generally like to party in style. Many golf courses, especially the upper-end variety, will hire out the services of an event planner that will take care of all the arrangements. Taking this to an even greater extreme, some golf clubs even have a full time event planner on staff in order to coordinate all of their special events.

Many students have recently been going to college to learn about landscaping and horticulture. If keeping grass green is something you do, then there are Golf course jobs out there in huge numbers. The golf side of the business requires that these employees keep their property looking pristine. When golf course managers cannot accomplish this feat themselves, they often turn to landscape specialists and turf grass experts to do it for them. The fairways stay neat and the greens so colorful because the work has been done professionally.

Many golf courses also have a need for experienced business professionals. Like with any business, large or small, there must be a core of financial managers to look after the profits of the company. A growing addition to the golf jobs market is in the field of human resources, where golf course managers are staffing their team with qualified workers who know how to motivate and handle employees.

If you have both a love for golf and a professional skill, then these golf course jobs might be right up your alley. The golf industry has expanded to such a level where these positions are not only available; they are necessary. As golf continues to grow, there is no question that the new and improved golf course jobs will make the jobs of old seem very dreary.

STATES
KERALA: Cochin airport’s MRO unit nearing completion CIAL looking for partners, private investors.

Legal Insurance Uk

legal insurance uk

Insurance Uk Q&a

More Insurance UK quesions please visit : InsuranceQuotesFAQ.com

Car insurance for a fresh driver UK?
does anyone know of any car insurance companies that dont rob you in broad daylight? ive in recent times passed my test and i know it aint gonna be cheap but i was wondering if anyone know of any cheaper insurers endsleigh are shite by the way autoinsurance.noneto.com – check this one….

Car insurance for non uk residents?
hi i want to ask which insurance company will insure my car with uk plates? im not a uk resident but i own a limited in the uk greetings your interrogate is vague and confusing. Where is it you live and where is it you want to drive and where on…

Car Insurance for Young Driver (UK)?
Hi, I’ll get straight to the point, I’m 17 almost 18 and am looking 2 buy my 1st car. I live a upper class life span, and when it comes down to cars i do get to travel in surrounded by style. e.g. my dad drives a Jaguar S-Type, my mother a brand new 2008…

Car Insurance grill?? UK drivers?
Hello, does anyone know if i brought a car in my mark, would i need to be the main driver on my insurance policy. OR could i own my father as the main driver and me as a 3rd party user even if the coup¨¦ is in my name (as this would squirrel away money) …

Car Insurance In the UK go up after i go beyond?
Ok, so i’m 17, provisonal driver. Is it true that if i get car insurance immediately, then pass my oral exam, my insurance will go up, and theres jo way i can narrate how much it will go up by? For example if i get provisonal insurance for…

Car Insurance interrogate..Im confussed ?? ( uk )?
O.k so Im a new driver and bought a car and signed up near insurance which worked out about lb60 a month. My car broke down beyond repair and I hold suspended my insurance as had to scrap the vehicle. Now I been on car insurance websites to compare heaps different cars to…

Car insurance interview UK?
There was a hit and run on my car , the motor that smacked into mine was not insured and nobodys been charged next to it yet. My insurance company say that can apply to special motor insurance bureau for the hurt to my car but the excess is lb300.00! and I’ve been told it could steal…

Car insurance on a Spitfire (UK)?
I was wondering if anyone could give me a rough estiminate on the cost of insurance for a Triumph Spitfire (1973,1.3L). Just get my licencse,and im 17,so i know it’s going to be a tad steep . thanks for the help. By the agency, i have already…

Car Insurance Policy? UK?
Hi there, I just considered necessary to know if I could drive my mums car, well I am a student and enjoy my own car and driving it legally as a second driver underneath my mothers name, now here is the confusion i am getting, she bought a brand foreign car for herself under full comprehensive insurance…

Car insurance put somebody through the mill? (UK)?
I am about 4 months into a 10 month policy and remembered today that i have a quirk that i didn’t tell them about. (genuinely forgot nearly it!) i have another one they know about that be my fault. the one i didn’t tell them wasn’t my breakdown, if i phone up tomorrow…

Car Insurance Question UK?
i have a car insurance policy beside 60% no claims and now wish to buy a campervan….if i save the camper say 3 years as my only veichle will i be capable of transfer my no claims back onto a saloon ( apparently if i buy a commercial van and keep it 3 years i would lose…

Car insurance relief (UK ONLY)?
my mums car insurance company is tryin to screw her over… i need opinion please! the car got wrote bad due to something smashing it from the back as it was parked so perpitrator was never found! the car be worth lb500 which was 100 deducted for policy… next the insurance compony took the whole…

Car insurance so expensive surrounded by the uk?
i am 19, i have a K reg 1.6 litre fiat tipo the car is merely worth about lb120. i have never have any accidents or had any tickets so why does my insurance cost lb2600. The explanation it is so expensive is because STATISTICALLY you are a very high risk. Insurance actuaries…

Car Insurance surrounded by the UK: What are adjectives the factor that effect how much it will cost?
I understand there are several factors that will effect how much you have to foot to obtain a car insurance policy within the UK eg: date of birth/age, place of birth, how long you have lived in the UK, address and how long…

Car insurance surrounded by the uk?
does anyone know if someone can open their own insurance policy on my car? I enjoy my own and im insured only but instead of putting the person on to my policy can they widen up their own on the same car? I cant find this information anywhere on the internet hi…. to attain your…

Car insurance surrounded by the UK?
Does anyone know, approx, how much it would cost for a 22 year old, male near a full licence to get insured in 1.6 L 1998 Volkswagon Passat? I a short time ago want to know approximately, to the nearest hundred. I have no no claims bonus. If anybody my age has be insured in…

Car insurance surrounded by the uk?
I am going to be sitting my driving test in a couple of months and be hoping someone could tell me or point me in the direction of what size of engine i would know how to get insured for. any help or direction would be appreciated (i’m 27 by the way) …

Car insurance surrounded by the UK?
Ok im 17 and im currently getting ready for my driving test, since I don’t own a car yet i’ve be looking at one and seeing how much it would be to insure in my name. The sort of motor im looking at is a small 1- 1.3Liter Diesel any mileage any age as…

Car insurance surrounded by UK interview.?
So I’m turning 17, and have got my provisional license, (roughly) how much will it be to insure me on a year ancient toyota prius (t-spirit) Thanks Hello Go to one of the online multi quotes sites as where you live can make greatly of difference, if you live in a high…

Car insurance UK answers with the sole purpose please.?
Can someone explain the insurance cover in this case. I hold third part car insurance. if someone hit my vehicle, where do i stand in claiming insurance. does my monthly compensation increase? what details I need to obtain from the other driver? If you have third delegation insurance and someone hits you…

Car insurance uk please help out!?
hi all just a couple of question if you can help please i am looking at buying a new coupé, with the insurance company i am with you can relocate your policy online, so last nite i was wondering what my insurance would be a month, what it would swing to i pay a lb130…

Car insurance uk single pt 2 ?
i just posted a question which i hold varied answers.. another question of mine is that ok they took the together years insurance.. now my mums left beside lb154.77 with not enough money to recompense for another car.. she is fully comp, they did not give her a courtesy motor which they are suppose…

Car insurance UK what a ‘rip off’ Is this Brown’s process of forcing populace onto public transport?
First the property prices and now car insurance. I am not surprised more and more race are being forced to drive without insurance! I informed my insurance I would not renew surrounded by September due to a technical fault and the motor was…

Car insurance UK, am i human being stupid?
i have just renewed sports car insurance over the phone, they asked if there had be any changes, i said i was made redundant a few weeks ago, they seem a bit cross, said i should have told them straight away, asked me for an extra lb26 of which lb25 is administration allowance…

CAR insurance UK.. Is it against the law if i….?
I buy my first car and have it surrounded by my mums name, then put my mum as the prevalent driver and add me to the insurance. Surely it is legal because it would lawfully be my mums car. It would save seriously in car insurance Hi it would be…

GFI Group Inc. Announces Second Quarter 2010 Results; Declares Quarterly Cash Dividend
- Revenues: $209.6 Million; Non-GAAP Revenues: $208.5 Million – GAAP Net Income: $10.4 Million or $0.08 per Diluted Share – Non-GAAP Net Income: $12.0 Million or $0.10 per Diluted Share – Quarterly Cash Dividend Declared of $0.05 per Share

Litigation Uk

litigation uk
Motor Insurance scam (UK)?

My sister had a car run into the back of hers last year. There was only superficial damage to the other guys car, none to my sisters. He contested her claim that he’d been driving unsafely. The matter was placed in the hands of their respective insurers, and the matter resolved. Today my sister received a court action from a litigation claims company, working from the same address as the guys insurers. The damage to the guys car was assessed, and his insurance company accepted money from my sisters. This new claim is for £1000.000s! My sisters insurance won’t help as it’s a private claim. There was a programme recently about this type of scam, what can she do?

Give the attorney your insurance company’s phone number they have attorney’s that will represent you as well

Jah Works – Serious Litigation

No Win No Fee Solicitor in Uk!

No win no fee is also known as conditional fee agreements. They were introduced when Legal aid was still available for personal injury claims. It was done primarily with the purpose of helping people with incomes above legal aid eligibility limit, to fund personal injury litigation. Initially, people who had an income above the limit used to find it difficult to pay for a solicitor.

However, with the introduction of “no win no fee”, things changed. It made easy for most of the people to secure claim as they could easily fund their civil cases. These claims have become very popular with people as it allows them to get compensation for a personal injury quickly.

You can also approach no win no fee solicitor for further advice on these types of claims. Scores of people have benefited from their advice in the past. These solicitors have an in depth experience in handling compensation claim cases with ease.

Often people are worried about paying a large amount of fees for the compensation claim. However, with no win no fee, one need not pay any fees for it. No matter whether you win or lose the case, you will not be required to pay fees. If you have suffered an injury due the fault of the driver, then you can seek suitable claim for it. Looking online will also help you get a claim fast.

Those who have met with an injury know it well how difficult it is to deal with the situation. If you are insured against injuries, you are free form worries. In case, you are not, then things may be very difficult for you. Seeking compensation in such circumstances can seem like a tedious task. However, with careful research you can find out how good your chances of securing compensation are.

You can easily seek compensation for the personal injuries by opting for personal injury compensation. You can seek advice on personal injuries form a team of personal injury solicitors. Don’t get confused with the multitude of options available. These specialists have a proven track record of handling personal injury claims. Many people have benefited form this service in the past.

If you have suffered an accident or a personal injury that was not your fault, you are entitled to make a compensation claim. You can also seek advice from specialist teams of dedicated and experienced personal injury lawyers who can help you evaluate your compensation claim. They will make the entire process of seeking claim easy for you.

Tax Litigation Journal

tax litigation journal

EB-5 Investor Visa (U.S. Tax Issues)

Co-authored by Jordan L. Eftekari, Esq.

(1)     Introduction

On November 2, 2007, the Wall Street Journal published an article: “Got $500,000?  The U.S. Awaits (Government’s EB-5 Program Offers Foreign Investors Green Cards for Job Creation)â€.

A Federal program known as EB-5 (Immigrant-Investor Visa), administered by the U.S. Citizenship & Immigration Services (“USCISâ€), encourages foreign investors to invest their way to living in the U.S.A.

Morrie Berez, chief of the EB-5 program at USCIS, stated: “The opportunity is truly beautiful to individuals who want to live and contribute their energy in the United States, and it creates economic growth and especially jobs for Americans.â€

There are 10,000 EB-5 Visas available every year, and only 867 issued in 2007.  Based on the favorable currency arbitrage (Euro/Dollar, UK Pound/Dollar) the EB-5 Visa is a cost-effective, time-efficient way to immigrate to the U.S.

An investor (and immediate family) can now obtain green cards (Permanent US Residency) with an EB-5 Visa by investing $500,000 into a Government approved Regional Center (currently, over 30 Regional Centers).  Investors receive the security of permanent US residence without repeated visa applications. Citizenship may be obtained after five years.

The investment may be made in one of three forms with the EB-5 Visa:

1. Invest $1,000,000 into a business and hire ten employees anywhere in the USA, or
2. Invest $500,000 and hire ten employees in an area where the unemployment rate exceeds the national average by 150% or the rural population is less than 20,000, or
3. Invest $500,000 into a Government designated Regional Center and avoid direct employment.

The $500,000 investment is the least expensive way to satisfy the visa requirements in order to receive the permanent green card after the two-year period.  Although the first two types of investment lead to permanent green card status, they require an additional showing that at the end of the two year period, ten qualified individuals have maintained jobs in the targeted employment area.

The minimum period of the investment is approximately three years.  Once an investor emigrates they may apply to have ‘conditions’ removed after 1 year and 9 months in the USA.  Processing takes up to six months. ‘Conditions removal’ means that the investment is no longer tied to the EB5, and the investor is then free to sell the investment.

The EB-5 Visa investment may be a passive investment, requiring no active business management.  With a green card via an EB-5 investment visa investors have the flexibility to take any job, run any business, retire and live anywhere in the USA, with the benefits enjoyed by U.S. citizens including property ownership or education.

(2)     History EB-5 Program

The EB-5 Visa program was started in 1991. In 1991, the Investor for an EB-5 Visa was required to make an investment of a minimum:

1. $1,000,000
2. $500,000 (in a targeted unemployment area)

The investment required the creation of 10 jobs.

          For the first two years the program was only set up for those who were willing to invest and create their own business that would produce at least ten jobs. However, in 1993, the government began to designate certain businesses as regional centers. Original businesses that existed in an area where the unemployment rate exceeds the national average by 150% or the rural population is less than 20,000 fit within the regional center designation and were then eligible to be duly approved by the CIS (formerly the INS).

          Between 1993 and 1998 several companies were designated as regional centers. These companies all competed for foreign capital from the foreign investors involved in the EB-5 Visa program. The competition that existed for the foreign capital and the newness of the EB-5 Visa program led to abuses of the system. Most of the companies didn’t offer sound investments and were really in business to collect fees rather than to fund an ongoing business. Many investment opportunities didn’t raise the full $500,000 investment capital or hire the required number of employees.

          CIS rightly wanted to stop these abuses of the program. In 1998, CIS wrongly applied their revised rules retroactively to people who already had approved petitions. CIS attempted to revoke these visa petitions. This started the litigation. The litigation that ensued put the program on hold from 1999-2002.

          In 2002, Congress passed a new law to protect the pre-1998 investors. Also, in 2002, in a case commonly known as “Chang” the 9th Circuit Court of Appeals ruled that CIS may not apply their new rules retroactively. In August of 2003, CIS began approving regional center and EB-5 Visa petitions for the first time since 1998.

The EB-5 Visa Program was amended in 2002 by the following statute (Pl 107-273 Sec. 11037 – 2002): 

          “A regional center shall have jurisdiction over a limited geographic area, which shall be described in the proposal and consistent with the purpose of concentrating pooled investment in defined economic zones.  The establishment of a regional center may be based on general predictions, contained in the proposal, concerning the kinds of commercial enterprises that will receive capital from aliens, the jobs that will be created directly or indirectly as a result of such capital investments, and the other positive economic effects such capital investments will have.”

As of 2002, Investors may invest $500,000 in a regional center (in a targeted unemployment area) without the necessity of creating 10 jobs.  For the $500,000 investment, an investor receives a “conditional green card.â€

          In January 2005, to improve and expedite EB-5 regional center related applications USCIS established an Investor and Regional Center Unit, (“IRCUâ€). The unit is the sole adjudicative jurisdiction for Regional Center applications pursuant to the Immigrant Investor Pilot Program for purposes of approval, denial and Requests for Evidence (RFE’s). The unit also monitors and follows up on the actions of approved Regional Centers to ensure compliance with the terms, scope, and conditions of their approval/designation relative to their approved business plans and indirect job creation methodologies. Finally, the unit develops and proposes EB-5 program, policy, and regulation changes or improvements to USCIS management.

The CIS is constantly continuing their efforts to expedite and organize the EB-5 program. Up until January 2009, there were three different filing locations for visa and/or regional center petitions. Currently the CIS has established a unit at the California Service Center and utilizes it as the sole location to file for the EB-5 program. This center is comprised of specially-trained adjudicators dedicated to EB-5 adjudications.  By consolidating adjudications at the center, USCIS believes that it will be able to reduce overall processing times and better monitor EB-5 related adjudications.

(3)     U.S. Tax Issues – Non-Resident Aliens

U.S. Estate Tax (Non-Resident Aliens)

A non-resident alien is subject to U.S. estate tax on their taxable estate assets situated in the U.S. (IRC §2101(a), 2106(a)).

For U.S. estate tax, both stock of a U.S. corporation (IRC §2104) and U.S. real estate (Treas Reg §20.2104-1(a)91)) are “situated†in the U.S.

Non-resident aliens are entitled to:

1. Unlimited deduction for transfers to U.S. citizen spouses (IRC §2106(a)(3)).
2. A “$60,000 unified creditâ€, which permits a non-resident alien to transfer only $60,000 worth of property free of estate tax.
3. Deduct a portion of expenses, indebtedness, taxes and losses from their gross estates (IRC §2106(a)(1)), deduct certain charitable contributions from their gross estates (IRC §2106(a)(2)(A)), but only if they disclose their world-wide estate in their estate tax return (IRC §2106(b)).

A person who acquires property from a non-resident alien decedent will receive a “stepped-up†basis in the property (i.e., a basis equal to the fair market value of the property at the date of the decedent’s death) regardless of whether the property was includible in the non-resident alien’s gross estate for estate tax purposes (IRC §1014(b)).

Generation Skipping Tax

Non-resident aliens are subject to the generation skipping tax but only on gifts subject to gift or estate tax (e.g., no gift tax on lifetime “skips†of intangible property).

U.S. Gift Tax (Non-Resident Aliens)

A non-resident alien is subject to gift tax when he makes a gift of real or tangible personal property situated in the U.S. (IRC §2501(a)(1), §2511(a); Treas Reg §25.2511-1(b)).

A gift of U.S. real estate is subject to gift tax (Treas Reg §25.2511-3(b)(1)).

A gift of U.S. intangible personal property is not subject to gift tax (IRC §2501(a)(2)).

Non-resident aliens are not entitled to the unified credit ($1M in gifts exempt from tax).

Non-resident aliens are entitled to:

1. $13,000 annual exclusion for gifts to any person.
2. Unlimited exclusion for gifts to defray educational or medical expenses.
3. The unlimited exclusion for gifts to citizen spouses.
4. The $133,000 (2009) annual exclusion for gifts to non-citizen spouses (see: Rev Proc 2008-66, IRC §2503(b); 2503 (e), Treas Reg §25.2523(i)-(1)(a), (c)(2)).
5. Unlimited amount of property to U.S. charity free of gift tax (IRC §2522(b)).
6. Unlimited amount of property to a trust, or foundation, only if the gift is to be used within the U.S.
7. Basis of property, acquired by gift from a non-resident alien is determined in the same manner as property basis acquired by gift from a resident alien (IRC §1015, 1015(d)).

U.S. Income Tax (Non-Resident Aliens)

Non-resident aliens are subject to U.S. Income Tax on U.S. source: (1) FDAP Income, (2) Effectively Connected Income.

(1) “FDAP†Income

 U.S. Source “FDAP Income†i.e., Fixed or Determinable Annual or Periodical Income (e.g., salaries, wages, interest, rents, dividends and royalties).

A non-resident alien is subject to U.S. federal income tax on FDAP income at a flat 30% tax rate (without the benefit of any related deductions) IRC §871(a), 873(a).  The flat 30% income tax is withheld at the income source (IRC §1441).

“FDAP Income†includes:

1. Gains from sale of intangible property (i.e., patents, copyrights or other intangibles) (IRC §871(a)(1)(D)).

“FDAP Income†does not include:

1. Gain from the sale of stock of a domestic corporation (Treas Reg §1.871-7(a)(1)).
2. Interest on bank deposits and “portfolio interest†(IRC §871(h) and (i).

Income tax treaties may reduce or eliminate the 30% flat tax on the FDAP Income.

(2) Effectively Connected Income

Income that is “effectively connected†to a U.S. trade or business.

A non-resident alien, who is engaged in a U.S. trade or business, is subject to U.S. federal income tax on his “effectively connected incomeâ€, at same tax rates as U.S. citizens and resident aliens (IRC §871(b)).

For a non-resident alien, engaging in a U.S. trade or business is not the basis for U.S. income tax.  U.S. income tax is imposed if a non-resident alien owns a business through a permanent establishment in the U.S., i.e., a fixed place of business, (e.g., place of management, a branch, an office, a factory).

If the non-resident alien is a resident of a country with which the U.S. has an income tax treaty, the treaty may reduce or eliminate U.S. federal income tax on effectively connected income.

A non-resident alien must file IRS Form 8833 to disclose reliance on a U.S. tax treaty for an exemption from U.S. tax on “effectively connected income.â€

(4)     U.S. Tax Treaties

          Introduction

          In the 21st Century, world globalization has produced the following results:

1. Instantaneous global communications
2. Multi-national investors (with transnational families)
3. International mobility of people on a previously unimagined scale

International investors in the U.S. face immigration issues (i.e., legal presence) and Income, Estate & Gift Tax issues, potential “double taxation†(in the U.S. and their country of citizenship), potential “triple taxation†(if they have a third country of residence).

The U.S. currently has 61 Income Tax and 18 Estate & Gift Tax Treaties (see, below).  A Tax Treaty is a bi-lateral agreement, between two (2) countries, in which country modifies their tax laws for reciprocal benefits.

Tax Treaties have three (3) objectives:

1. Prevent double taxation
2. Prevent discriminatory tax treatment of a resident of a treaty-country
3. Permit reciprocal tax administration to prevent tax avoidance and evasion (see: Rev. Rul. 91-23, §2.01, 1991-1 C.B. 534)

U.S. Estate & Gift Tax Treaties

Under U.S. Federal Estate & Gift Tax Laws, an alien is taxed as a U.S. Estate & Gift Tax Resident once he establishes a U.S. domicile.  An alien acquires a U.S. domicile by living in the U.S. (for even a brief period of time) with the requisite intention to indefinitely remain (Treas Reg §20.0 – 1 (b)(1) Treas Reg §25.2501 – 1(b))

An alien, who establishes a U.S. domicile, is subject to:

1. A U.S. Gift tax on the donor’s act of making the gift (transfer of asset) (IRC §2501(a))
2. A U.S. Estate tax on the transfer of their taxable estate (worldwide assets) (IRC §2001(a))

Since 1976, a unified tax rate is applied to assets transferred for both estate and gift tax (tax free gifts up to $1M, tax free estate up to $3.5M (2009), which includes gifts).

Top Tax Rate (2009): 45%

The United States has 18 estate & gift tax treaties (see below).  To qualify for the treaty tax benefits, an alien must be domiciled in either the U.S. or a U.S. Treaty Country i.e., country of origin (or choice), at the time of his death or at the time of the gift.

The treaties contain special tax rules which may reduce the alien’s U.S. Federal estate and gift tax liability.  The treaties are designed to prevent double taxation on the transfer of the same asset (which is the subject of the estate or gift tax).

U.S. Estate Tax Treaties are either non-comprehensive (Estate Tax only) or comprehensive (Estate & Gift Tax).Non-Comprehensive Treaties

          Non-comprehensive treaties deal exclusively with Estate Taxes, providing “situs rules†for specific assets and determining which country has jurisdiction to impose tax on the assets.  Estate tax deductions (and specific exemptions) are allowed under the law of the country imposing the tax.

          Estate Tax Treaties provide tax credits to eliminate double taxation.  Each country allows a credit against its Estate Tax, in accordance with a formula specified in the treaty, with respect to property situated in either country or both countries.

Comprehensive Treaties

          Comprehensive Treaties address both Estate & Gift Taxes, determine primary taxing jurisdiction and Decedent’s residence (based on domicile).  Location determines primary taxing jurisdiction for real estate, business assets of a permanent establishment, and a fixed base for the performance of personal services.

          These treaties provide for “competent authority†resolution for tax disputes (and information exchange), address double taxation by tax credits, and may provide a U.S. Estate Tax deduction for property passing to a Surviving Spouse.

          If a treaty contains a savings clause, the U.S. may tax a Decedent’s Estate, or donor’s gift, as though the treaty was not in effect.

Estate & Gift Tax Treaties (18)

1. Australia Estate Tax Treaty
2. Australia Gift Tax Treaty
3. Austria Estate and Gift Tax Treaty
4. Canada Estate Tax Treaty
5. Denmark Estate and Gift Tax Treaty
6. Finland Estate Tax Treaty
7. France Estate and Gift Tax Treaty
8. Germany Estate and Gift Tax Treaty
9. Greece Estate Tax Treaty
10. Ireland Estate Tax Treaty
11. Italy Estate Tax Treaty
12. Japan Estate and Gift Tax Treaty
13. Netherlands Estate Tax Treaty
14. Norway Estate and Inheritance Tax Treaty
15. South Africa Estate Tax Treaty
16. Sweden Estate, Inheritance and Gift Tax Treaty
17. Switzerland Estate and Inheritance Tax Treaty
18. United Kingdom Estate and Gift Tax Treaty

U.S. Income Tax Treaties

Under U.S. Federal Income Tax Laws, an alien is either taxed as a resident alien (subject to U.S. Income Tax on world-wide income) or a non-resident alien (subject to U.S. Income Tax on U.S. source income).

 Non-Resident Alien: U.S. Tax Resident

 An alien is classified as a resident alien (U.S. tax resident) if:

1. He is a U.S. lawful permanent resident at any time during the calendar year (i.e., has a “green cardâ€).
2. He meets the “substantial presence test†(present in the U.S. for 122 days per year over a 3 year period).

 Substantial Presence Test

An alien satisfies the “substantial presence test†for any calendar year (the “current yearâ€) if:

1. He is in the U.S. for at least 31 days during the current year.
2. The sum of the number of days in the U.S. in the current year and two preceding calendar years equals or exceeds 183 days (“183 day testâ€).
3. For the “183 day testâ€, each day in the U.S. in the current year is counted as a full day.  Each day in the U.S. in the first preceding calendar year is counted as 1/3 of a day, each day of presence in the second preceding calendar year is counted as 1/6 of a day (IRC §7701(b)(3)(A)(ii)).

 “Substantial Presence Testâ€: Closer Connection Exception

          An alien who meets the substantial presence test may avoid being classified as a U.S. tax resident if:

1. He is present in the U.S. for fewer than 183 days during the calendar year.
2. He maintains a tax home in a foreign country during the entire current year.
3. He has a closer connection to the foreign country (i.e., his tax home) during the current tax year.
4. He timely files IRS form 8840, and has not applied for a “green card†(IRC §7701(b)(3)(B) and (C)).

The United States has 61 income tax treaties (see below).  To be eligible for the benefits of an income tax treaty, an individual must qualify as a resident of either the U.S. or the other country that is a party to the treaty (“the contracting stateâ€).

The U.S. Model Income Tax Treaty (Art 4(1)) defines “resident of a contracting state†as “any person who, under the laws of that state is liable for tax in the state, by reason of his domicile, residence, citizenship, place of management, place of incorporationâ€.

If an alien is classified as both a U.S. tax resident and a resident of its treaty partner (“dual residentâ€), the tax treaties contain “tie-breaker†provisions which determine the dual resident’s tax residence status as follows:

1. Tax resident in country with permanent home.
2. If permanent home in both countries, tax resident in country with “center of vital interests†(personal and economic interests).
3. If the center of vital interests cannot be determined, tax resident in country in which he has a habitual abode.
4. If the habitual abode is in both (or neither) countries, he is a tax resident of the country in which he is a national).

An alien who claims the benefit of a treaty, to be classified as a non-resident, will still be subject to U.S. federal income tax as a non-resident alien.

A non-resident alien who relies on a U.S. tax treaty for an exemption from U.S. tax that is effectively connected with a U.S. trade or business is required to file IRS Form 8833 to disclose the tax exemption reliance (IRC §6114; Treas Reg 301.6114-1).

Income Tax treaty benefits are available only to a “resident†of a country and special rules may apply to determine residency of trusts, estates, flow-through and hybrid entities.  Relief from double taxation is afforded a treaty resident by specific provisions allocating taxing jurisdiction over items of income between the two countries that are parties to a treaty, and by a “treaty†tax credit provision.  Administration provisions, providing for mutual agreement procedure and for exchange of information and assistance in collection are intended to prevent tax avoidance and evasion.

Special treaty residency issues are presented by U.S. citizens and aliens admitted for permanent residence in the United States (i.e., “green card holdersâ€).  The United States taxes its citizens and residents on their world-wide income, wherever they reside.  Such individuals may be U.S. Income Tax residents (for tax treaty purposes) even when physically residing outside the U.S.).

Under a treaty’s savings clause, the United States reserves the right to tax its citizens and residents (as determined under a treaty) as if the treaty had not entered into force.  As a result, U.S. citizens and residents may not use a U.S. Income Tax Treaty to reduce U.S. Income Tax.

Income earned through a fiscally transparent entity (i.e., partnership, limited liability company, grantor trust) will be considered to be derived by a treaty resident if the residency country considers that person as deriving the item of income.

In the case of non-grantor trusts and estates, treaty “residency†(i.e., the liability for income tax) is determined by the domicile, residence, place of management of the estate or trust.  The trust or estate is liable for tax in the treaty per the country (not whether income is liable to tax in the “hands†of the trust/estate or its beneficiaries).

A non-resident partner of a U.S. partnership (trade or business in the U.S.) is taxable by the U.S. in the partner’s share of partnership income (under the branch profits article of a U.S. income tax treaty).  Any gains from the sale of such a partnership interest will be taxable by the U.S. to the extent the gains are attributable to business assets of the partnership (Donroy v. U.S. 301 F.2d 200 (9th Cir 1962), Unger v. Commr 936 F.2d 316 (D.C. Cir. 1991), aff’g T.C. Memo 1991-15; Rev. Rul. 91-32 1991-1 C.B. 107).

Non-resident shareholders of U.S. corporations are subject to a 30% statutory withholding tax on U.S. source dividends that are not “effectively connected†business income and paid to a non-resident (IRC §871(a), 881(a), 1441(a)).  The withholding rate may be reduced by treaty.

Income tax treaties seek to prevent double taxation by:

1. Assigning primary taxing jurisdiction over a resident to one treaty partner.
2. Limiting source country taxation of income.
3. Providing a foreign tax credit by the resident country for items of income taxed by both the source and residence countries.

Under U.S. Income Tax treaties, interest, royalties (intellectual property: copyrights, patents, trademarks) is taxable by the owner’s country of residence (i.e., the source country attributes the income to owner’s country of residence).

Under U.S. Income Tax treaties, source country taxation is preserved for real estate income (i.e., the source country has the primary taxing right).  The source country does not have the exclusive taxing right; avoidance of double taxation depends upon the residence country granting a tax credit for source country tax.

Capital Gains

Under U.S. domestic tax rules, the U.S. retains the right to tax gains realized by a non-resident from the sale of U.S. real property holding companies (IRC §897).  Gains realized by a non-resident from the sale of personal property are “foreign source†and not taxable by the U.S. (IRC §865).

Under U.S. tax treaties, gains from the sale of real property are taxable by the country in which the real property is located.  The source country has the primary taxing right which is not an exclusive right.  Avoidance of double taxation will depend upon whether the resident country grants a credit for source country taxes.

Personal Services

          Income from employment may be taxed in the country of residence.  Income from furnishing personal services (i.e., not employee services) is taxed by the source country as “business profits†derived from furnishing personal services.  Income that may be taxed as business profits includes all income from the performance of the personal services carried on by the partnership and any income from ancillary activities to the performance of these services.

          For employees, compensation for personal services (i.e., dependent personal services) may be taxed by the employee’s residence country and by the source country, to the extent the services are performed in the source country (see U.S. Model Income Tax Treaty Art. 14(1)).

          The source country retains the right to tax all compensation from dependent personal services.  If three (3) conditions are satisfied, dependent personal services income is exempt from source country taxation:

1. The employee is in the source country for less than 183 days during the calendar year in which services are performed.
2. The compensation is paid by an Employer who is not a resident of the source country.
3. The compensation is not a deductible expense by a permanent establishment that the employer has in the source country (U.S. Model Income Tax Treaty Art. 14(2)).

Athletes & Entertainers

Under the U.S. Model Income Tax Treaty Art 16(1), performance income of an athlete or entertainer may be taxed by the source country if gross receipts paid by the entertainer or athlete exceed $20,000 for the taxable year.  If gross receipts exceed $20,000, the full amount paid the athlete or entertainer may be taxed (not just the excess over $20,000).  Tax may be imposed under Article 16 even if the performer would have been exempt from tax under Article 17 (Business Profits) or Article 14 (Income from Employment) of the U.S. Model Income Tax Treaty.

If an “employer†corporation provides the entertainer/athlete’s services, the income may be taxed in the country in which the activities are exercised unless the contract pursuant to which the personal services are performed allows the Employer Corporation to designate the individual who is to perform the personal activities (U.S. Model Tax Treaty 16(2)).

Income is deemed to accrue to the Employer Corporation if it controls or has the right to receive gross income in connection with the performer’s services (Article 16).

Foreign Tax Credits

          Under the Model Treaty, the U.S. as the country of residence provides its citizens and residents with a credit for income taxes imposed by a treaty partner to release double taxation.  The creditable taxes are listed in the treaty (Art 23(1)).  The U.S. statutory foreign tax credit rules determine the amount of the tax credit (U.S. Model Treaty Article 23).  The U.S. will allow a foreign tax credit pursuant to the treaty credit article, even if a credit would not otherwise be available under the U.S. statutory foreign tax credit rules.

Administrative Provisions

U.S. Income Tax Treaties grant permission to authorities of each country to deal directly with each other to resolve taxation disputes, to exchange information and assist each other in tax collection (Model Treaty Art. 25: Mutual Agreement Procedures, Art 26: Exchange of Information).

Income Tax Treaties (61)

1. Australia Income Tax Treaty
2. Austria Income Tax Treaty
3. Bangladesh Income Tax Treaty
4. Barbados Income Tax Treaty
5. Belgium Income Tax Treaty
6. Bermuda Income Tax Treaty
7. Bulgaria Income Tax Treaty
8. Canada Income Tax Treaty
9. China Income Tax Treaty
10. Cyprus Income Tax Treaty
11. Czech Republic Income Tax Treaty
12. Denmark Income Tax Treaty
13. Egypt Income Tax Treaty
14. Estonia Income Tax Treaty
15. Finland Income Tax Treaty
16. France Income Tax Treaty
17. Germany Income Tax Treaty
18. Ghana Income Tax Treaty (Ships and Aircraft)
19. Greece Income Tax Treaty
20. Hungary Income Tax Treaty
21. Iceland Income Tax Treaty
22. India Income Tax Treaty
23. Indonesia Income Tax Treaty
24. Ireland Income Tax Treaty
25. Israel Income Tax Treaty
26. Italy Income Tax Treaty
27. Jamaica Income Tax Treaty
28. Japan Income Tax Treaty
29. Jordan Income Tax Treaty (Shipping and Aircraft)
30. Kazakhstan Income Tax Treaty
31. Korea Income Tax Treaty
32. Latvia Income Tax Treaty
33. Lithuania Income Tax Treaty
34. Luxembourg Income Tax Treaty
35. Malta Income Tax Treaty
36. Mexico Income Tax Treaty
37. Morocco Income Tax Treaty
38. Netherlands Income Tax Treaty
39. New Zealand Income Tax Treaty
40. Norway Income and Property Tax Treaty
41. Pakistan Income Tax Treaty
42. Philippines Income Tax Treaty
43. Poland Income Tax Treaty
44. Portugal Income Tax Treaty
45. Romania Income Tax Treaty
46. Russia Income Tax Treaty
47. Slovak Republic Income Tax Treaty
48. Slovenia Income Tax Treaty
49. South Africa Income Tax Treaty
50. Spain Income Tax Treaty
51. Sri Lanka Income Tax Treaty
52. Sweden Income Tax Treaty
53. Switzerland Income Tax Treaty
54. Thailand Income Tax Treaty
55. Trinidad and Tobago Income Tax Treaty
56. Tunisia Income Tax Treaty
57. Turkey Income Tax Treaty
58. Ukraine Income Tax Treaty
59. United Kingdom Income Tax Treaty
60. USSR Income Tax Treaty
61. Venezuela Income Tax Treaty

 

Berkowitz Dick Pollack & Movers ACCOUNTING Brant Certified Public Accountants & Consultants services promoted Daniel P. Hughes as head of the forensic and business valuation. Hughes has focused on the forensic services.

Incoming search terms for the article:

• Prepaid legal and IRS tax issues

Property Insurance Agent

property insurance agent

Questions to Ask Your Small Business Insurance Agent When Purchasing General Liability Insurance

Commercial General Liability Insurance is one of the most commonly purchased types of small business insurance. But many small business owners still have lots of questions about what it is, why it’s needed, and how it works. Here are answers to the top five questions we hear from our small business clients about general liability coverage.

1. What does general liability insurance cover?

General liability insurance covers claims of bodily injury or other physical injury or property damage. In the event of a covered lawsuit, such policies will typically pay for a legal defense as well as compensatory, general and punitive damages.

A typical general liability insurance policy covers:

- Bodily injury and property damage liability: If a visitor is injured on your premises, or you or your employee injures some or damages property on your client’s premises.

- Personal and advertising injury: Certain offenses you or your employees commit in the course of your business, such as libel, slander, disparagement or advertising copyright infringement.

- Medical expenses: Applicable medical costs if someone is injured and needs medical treatment due to an accident on your premises.

- Premises and operations liability: Bodily injury and property damage sustained by others at your premises or as a result of your business operations.

- Tenant’s liability: Claims of damage due to fire or other covered losses caused by you to premises that you rent.

Please note that this list includes typical coverages afforded under some policies. Be sure to examine your own policy carefully for any exclusions, limitations, or any other terms or conditions that may affect your coverage. The terms and conditions of your policy will prevail.

2. Why do I need general liability insurance?

Even if you don’t expect to ever face a claim, General Liability Insurance is a smart, inexpensive investment in your company’s future. Accidents do happen, and people who are injured or whose property is damaged will expect compensation. Although such accidents may be no fault of your own, you’ll still be held financially responsible for them, and it only takes one such incident to break the bank for most small businesses.

In the event of certain types of lawsuits, even if you feel you’re not at fault, you’ll likely spend a hefty sum trying to prove it in court. For covered suits, general liability insurance pays for a legal defense and any settlement award, up to the limits specified by the policy.

Additionally, many client companies will have contract requirements that mandate that their business partners or vendors carry general liability coverage. Such contract requirements protect the client from incurring any costs in the unlikely event that someone or something should be injured or damaged in the course of your business relationship.

If you’re still not sure if you’re one who needs general liability insurance, there’s no cost to speak with an agent or broker for advice and a no-obligation quote.

3. How do I determine how much coverage I need for my business?

Your insurance agent or broker can help you assess the potential liability for your business, which varies depending on the type of industry your business engages in, as well as other factors.

Your location is one consideration, as courts in some states have historically made higher damage awards than those in other states. Businesses in those states may wish to consider carrying general liability insurance with higher coverage limits.

Lower-risk businesses, such as accounting firms or IT consultancies, may feel comfortable with lower coverage limits, while businesses in higher-risk fields, such as construction, may need more coverage. For small businesses with less risk, a combined general liability and property insurance package may be a cost-effective option. Such dual policies are known as a Business Owner’s Policy or BOP.

4. I’m worried that the coverage limits on my general liability policy aren’t high enough. What can I do to be sure I have enough coverage if I get sued?

If you’ve got a $1 million general liability policy, but you’re worried that you’ll be sued and your legal costs and court-ordered settlement could be even higher than $1 million, you may wish to purchase an excess liability insurance policy. What is this type of insurance? Also known as umbrella insurance, excess insurance is an inexpensive way to provide additional coverage when the limits of insurance on an underlying policy are exceeded.

For instance, if you have $1 million in general liability coverage, but a court orders you to pay $1.5 million in compensation, the right excess insurance policy would pay for the difference of $500,000. In addition to general liability policies, an umbrella insurance policy also adds coverage to your hired and non-owned auto liability and employer’s liability insurance policies, at no additional cost. However, umbrella coverage does not apply to professional liability insurance.

For contractors and consultants, some clients require excess liability insurance in their contracts to ensure that their vendors are financially capable of paying a large damage award in the event of a lawsuit. Client contracts may also require other types of insurance, such as professional liability or workers’ compensation.

5. How can I reduce my risk of having to file a general liability claim?

While it’s good to have general liability coverage, it’s even better when you don’t have to use it. There are several ways you can cut your risk exposure and reduce the chances that you’ll face a lawsuit:

- Provide proper training for all employees and subcontractors.

- Institute safety policies, processes and procedures appropriate for your line of work.

- Inspect your place of business for hazards that could result in injury.

- Maintain your office space, furnishings and equipment in top condition to reduce the risk of injury or property damage.

- Ensure that smoke detectors are operational and emergency exits are clearly marked and unobstructed.

- Restrict access to hazardous areas or equipment to authorized personnel only.

Ask your insurance agent or broker for additional tips on how you can reduce your risk.

About the Author

Jim Cochran is a General Liability Insurance expert, thanks to his decade of experience in handling requests for small business insurance quotes. Jim can also offer advice on how to lower your business liability risk as an owner or company.

Sonoma County resists feds on home energy loans
Renee Hyde, an insurance agent who lives in Sonoma County, could not afford to have solar panels installed on her home until a local program provided $30,000 and allowed her to repay the funds gradually through her property taxes. California and 21 other… California – Sonoma County California – Sonoma County – United States – Counties

Litigation Costs Review

litigation costs review

Statistics Show That for Millions of Americans, Insurance is More Than Worth the Cost

Today, many small businesses operate without liability insurance – with the exception of the workers’ compensation insurance, which is required by law. In many cases, business owners simply want to cut down on operating costs, but in today’s climate in which worker compensation claims have skyrocketed, operating without any liability coverage is a highly volatile practice.

With just one claim, what took years to build can be wiped out. Without liability insurance, the business can take a major hit from the litigation process and the owner’s personal assets can become vulnerable. Consider that in 2007, according to the Bureau of Labor Statistics, there were more than 335,000 cases of employees injured on the job due to contact with objects and equipment.

Workers’ compensation, which is required by law in all 50 states, protects employers from liability for an accident involving an employee. This coverage will pay medical expenses and lost wages on injured employees. In cases of disability, it will provide a lump sum or annuities. It is increasingly important employers review their general liability insurance policies to ensure the coverage protects the business against claims made for bodily injury or property damage. Coverage should include medical expenses, defending the lawsuit, settlements and in appeal procedures, bonds or judgments.

Premiums on General and Professional Liability insurance can be costly, and often the cost alone dissuades businesses from purchasing it. The cost, however, of operating without liability insurance can prove to be much more extreme. The out-of-pocket costs of filing a claim alone can escalate quickly and the number of damages that can occur such as fire or theft could nudge a business towards severe debt. If a worker is harmed on the job, the employer will face medical and legal fees. Workman’s comp insurance, which is required at varying levels by state, will provide a safeguard to the company.

Cost of no insurance

In September 2007, the Bureau of Labor Statistics issued a report detailing employee compensation. On average employers paid $28.03 per employee per hour. Of these costs, approximately $2.35 (8.4 percent) of total compensation went towards life, health and disability insurance – a nominal expenditure when compared to the cost of disputing or paying on a claim.

Lawsuit expenses alone can vary radically depending on several variables such as the type of claim and whether it was filed by a customer or an employee. Employers can count on spending a significant amount to defend the case. Typically costs and procedures include:

* A summons and complaint filed against the company, which results in several meetings and attorney fees, including consultation, transcript and research costs, all billed at an hourly rate.

* The claim will then progress to the deposition phase, which entails a settlement conference and a trial date. In addition to the billable hours and other various fees, the attorney will also bill for the deposition paperwork.

* During the trial, the attorney charges hourly and there’s no telling how long the trial could last. It could go from several days to several weeks. In addition to the hourly fees, the defendant is also being billed for various legal fees.

* Legal fees can include transcript fees, witness fees, court reporter fees, consultation and deposition fees, research fees and mailing fees.

In the event the employee wins the case, the defendant – the employer – will brunt the burden of not only paying the settlement, but also any medical, attorney and other expenses the prosecuting party has incurred. For those organizations operating without insurance, this can put them at risk of going into major debt or bankruptcy.

In one 2004 workers’ compensation case in California, a wood products company was ordered not only to pay its employees medical expenses, but also entitled the employee to, “…medical treatment as is reasonably required to “relieve†from the effects of his industrial injury, even if such treatment will not “cure†that injury…†In effect, the company will be paying for medical treatments indefinitely. The company did, however, have insurance coverage and did not have to foot the bill.

In a separate case, in 2006, an employee who suffered industrial injuries to the neck in the form of fibromyalgia was awarded payment of medical costs, in excess of $14,000, disability reaching nearly $100,000, plus life pension, which paid just over $45 per week.

Protecting assets

Insurance protects businesses against more than just worker-related claims. It can also cover disasters such as fires, natural disasters and theft.

According to a recent article in the Los Angeles Times, compensation awards to victims are now being determined for the recent Metrolink train crash in Chatsworth, Calif. and it’s expected the awards could easily exceed the $200-million cap Congress implemented on railroad liability in any one accident. If the cap is removed, Metrolink will be in an extremely vulnerable position.

While most businesses will never experience a disaster of this magnitude, insurance coverage beyond workers’ comp insurance may be necessary in ensuring the organization’s assets are protected. A workers’ compensation insurance quote should outline what coverage will include. From there the business owner can determine whether additional liability insurance is needed. Typically, liability insurance coverage includes:

* Legal costs – general liability insurance will cover litigation costs such as attorney and witness fees, as well as settlement payments.

* Medical costs – insurance will cover medical costs for individuals who may have been injured on company property, this includes employees as well as customers.

* Property damage – insurance will cover fire, theft or other incidents that damage the assets of the business. It insures the company from physical damage to the property as well as the customer’s property.

* Business interruption – insurance will cover the business in cases of major disasters, such as a fire, that render the business inoperable. If the business is unable to operate, the insurance would reimburse the company for its losses and the profits that would have been made during that time.

Business operators should shop recognized, established insurance providers to find the best coverage for their needs and the best price for their budget. All companies can provide general liability and workers’ compensation insurance quotes to help businesses budget for the expense.

References:

www.bls.gov/ect
http://www.dir.ca.gov/wcab/wcab_panel.htm
http://www.dol.gov/esa/owcp/energy/regs/compliance/weeklystats.htm

“Metrolink collision; Liability cap could be tested,†Los Angeles Times. Page 3. September 17, 2008. By Carol J. Williams

Incoming search terms for the article:

• attorney cost plus medical bill is letigation worth it?

Litigation Manager

litigation manager

Interim Managers Insurance – Ensuring the Professional to Work Freely

Interim Manager is not really “between jobs†profession, but an acknowledged full-time job. Although this profession gives the freedom of being on ones own, Interim Managers are not entitled to benefits received by corporate employees. This profession does not offer security, steady income and other comforts of corporate jobs like sick pay, holiday pay or pension. Interim Managers have to get their own insurance.

Interim Managers may face disputes and litigations, even though they have only “limited company statusâ€. There are Interim Managers Associations that negotiate Interim Managers Insurance for a fixed amount. The providers of such insurance offer competitive rates. Interim Managers Insurance are available for interim managers working in different areas like Personal Management & Selection, HR Consultants, Sales, Marketing & PR, Procurement, Finance & Accounting, Quality Systems, Production, Distribution, Operations, Change Management, Training, Business Process Re-engineering, Company Development & Planning, Public Services Admin, Mergers & Acquisitions and others.

Professional Indemnity

Some of the Interim Manager Insurance offers Professional Indemnity Cover as a package. Interim managers can take out policy starting from standard requirement of £250k or more from companies providing such Interim Managers Insurance or even from online services of “Simply Consultants†offering such cover before starting assignments. Premiums are fixed by cover level and expected turnover and can be up to £1M. This insurance provides crucial cover for “Negligence Suit†to tackle defense expenses and ensuing damages to be paid. This can be either as “aggregate†or for “each and every†claim. No excess for first claim, but subsequently £250 for “each and every claimâ€.

Employers Liability

If employing staff, this policy provides indemnity for employers and can get cover for a maximum of £1M. No excess.

Public/Products Liability

For company owners, this policy offers coverage for indemnity, if facing litigation for bringing about damage or accidental injury to third party or their property during business operations. For Public Liability, cover for a maximum of £1M is available. No excess.

Please help me with this question?

One of the most significant challenges for security managers is the corporate need to be protected against liability in the form of tort law or civil litigation. Explain why this is such a challenge for security managers?

I’d help you if I was a security manager, or if I had anything to do with security management whatsoever. I’m just a linguist, as is everyone on this forum. Maybe try a different forum…?