MCS 3040 Chapter Notes - Chapter 4: 6 Years, Counterclaim, Small Claims Court

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3040
• Professor: Joseph Radocchia

Document Summary

Business organizations require a risk management plan to minimize the potentially adverse impact of the legal environment through prevention of loss to the extent possible and planned reaction to adverse events. The motor vehicle accident: cos must report the incident and possible injuries to its insurer as soon as possible. Cos might experience an increase in its insurance premiums if the driver was at fault, and management should investigate to determine whether the driver had been properly trained. Cos"s risk management plan was successful b/c it calls for a comprehensive insurance coverage. However, prevention procedures should be reviewed in order to reduce the risk in the future. The bylaw change: cos did not properly implement its risk management plan b/c they were unaware of the proposed amendments to the bylaw before the changes went before the municipal council. Now that the bylaw has changed, cos must comply to the policy.