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Chapter 22

MCS 3040 Chapter Notes - Chapter 22: Fiduciary, Disclose, Professional Liability Insurance

Marketing and Consumer Studies
Course Code
MCS 3040
Joseph Radocchia

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Professional Services
What is a Professional?
Someone engaged in an occupation, usually governed by a professional body, requiring
the exercise of specialized knowledge, education, and skill
Professionals are held to a higher standard than other service providers
Most professionals are governed by rules of professional conduct and codes of ethics of
their professional bodies
The profession/client relationship is a special relationship of trust and loyalty
Hiring Professionals In-House
If the cost of external professional services for a business become significant, the business will
likely consider the employment option
What level of experience is required of an in-house professional?
Is there a need for specialization?
Responsibilities of Professionals in Contract
Contractual terms are negotiated, and both professional and client must comply with the terms
of the contract
Professional Service Contract: client must address key terms of contract prior to engaging a
professional’s service
Retainer: advance payment requested to fund services to be provided and thereby minimize the
professional’s exposure to risk
Business Application of the Law
Professional Service Contracts
What are the risks if a formal professional service contract is not in place?
How can a client properly assess a contract prepared and submitted to the client by its
own lawyer?
Responsibilities in Tort
Negligence: most common here
Basic elements of negligence action:
Professional owes the claimant a duty of care
Professional has breached the standard of care
Professional’s conduct has cause the claimant’s loss
The claimant’s loss is not too remote from the professional’s actions
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