BUSI 2601 Lecture Notes - Lecture 5: Subrogation, Limited Liability Partnership, Co-Insurance
Busi 2601 lecture 5 june 9, 2015. Never do partnerships unless required, because you never know the other person"s demons. One of the partners has unlimited liability, while others will have limited liability: allows people with money to invest in a business and take advantage of the financial benefits, without taking risks/being liable, general partners and investors. Every partner has unlimited liability for their own malpractice fault: have limited liability for the fault of their colleagues. Allows individuals to regroup themselves and work out deals. Still liable for criminal behaviours of colleagues: especially financially. Hill shooter hijacked car to commit terrorist act. If rcmp had shot car full of holes, car owner would not have been covered. Property insurance: property is damaged/destroyed, aka: fire insurance. Liability insurance - casualty insurance: people make mistakes this is to cover them. Insurance companies understand trends such as legalizing marijuana. They care about it"s impact on your health (which affects their bottom line).