Right now the
world is facing the worst economic downturn since the Great Depression and many
people across the world are going through extremely hard times.
But we also need
to try and focus on the compelling positives there are now to create,
build and safeguard money to reach our financial goals for ourselves and our
loved ones.
The message from
Nigel Green, founder and CEO of deVere Group, one of the world’s largest
independent financial advisory organisations comes as the International
Monetary Fund (IMF) projects global growth in 2020 to fall to -3 per cent. This
is a downgrade of 6.3 percentage points from January 2020, clearly a
significant downward revision within a very short time period.
Nigel Green
comments: “The world has changed considerably in the first quarter of 2020.
Coronavirus has sparked a truly global crisis like no other, with a
horrifyingly high and tragic number of human lives lost.
“It has also been
a monstrous source of economic upheaval and uncertainty for households,
businesses and governments.
“But in these
most unusual of times, it’s essential to seek the positives and there are
increasingly significant reasons within the market to be cheerful.
“Looking beyond
the gloom, many investors are using these to create, build and safeguard their
money right now.”
He continues: “I
believe that there are three main investment reasons to be cheerful.
“First, the
market is cheap by historic standards and this represents a major, perhaps
once-in-a-generation chance to buy top quality equities at lower prices to
bolster investment portfolios. History shows that stock markets always go
up over time.
“Second the
worldwide loosening of monetary and fiscal policies. This will serve as a
bridge for economies until the crisis passes and will go a long way to boost
both supply and demand across all sectors. In turn, this will lead to more
investment, increased confidence, and longer-term job and wealth creation.
“Third, pent-up demand
will hit the global economy when lockdowns are lifted. Many people have not
lost their jobs or suffered reduced incomes and have saved money during the
lockdown. We can expect demand in sectors such as autos, travel, hospitality
and entertainment to be strong.”
Whilst some
investors appear to have not only locked down themselves, but also their
financial strategies, increasingly both retail and institutional investors are
“rightly looking beyond only the dark picture,” says Mr Green.
The deVere CEO concludes.
“No economy – developed or emerging – has been spared this downturn, the worst
since The Great Depression. The uncertain economic landscape is impacting on
people’s lives and livelihoods.
“However, I also
would urge investors to mitigate risks to their money and help create and grow
wealth by looking towards the undeniable and compelling positive
areas amid this tragic and unprecedented global situation.”
We are living in unprecedented times with a
global pandemic that has killed hundreds of thousands and countries all over
the world ordering their citizens to self-quarantine.
With the suspension of all but the most critical
industries business owners and governments alike are preparing for the arrival
of a global recession – one which is feared to be far more devastating than
the Great Depression and the 2009 Global Financial Crisis.
Given that COVID-19 spreads via water droplets
expelled from an infected person,social distancing measures have been
implemented in order to help break the chain of infection with many governments
enforcing a strict curfew.
Now with the United States becoming the
epicenter of the pandemic, entire industries including casinos have been left
in a lurch. According to a report by the American Gaming
Association (AGA), the industry is slated
to lose an estimated $21.3 billion in direct spending from consumers
alone.
Here, we take a look at how we can expect the
outbreak of COVID-19 to change the face of online gambling.
1. A Massive Increase in Customers
In early-April, Nevada’s
Clark county reported more than 1000
COVID-19 cases and almost 30 deaths which prompted Governor Sisolak to order a shutdown of
all casinos in the state despite severe pushback from various stakeholders
including the Mayor of Las Vegas, Carolyn Goodman (I).
With almost all casinos in the United States
shutdown, punters all over the country have turned to online gambling for all
of their gaming needs. This has resulted in a windfall for online casinos
everywhere with a nearly 50% increase in
revenue with punters avoiding land-based casinos in favour of online ones.
Given that the COVID-19 pandemic has shown no
signs of letting up and with a vaccine far off, the remainder of 2020 and 2021
is set to be a good year for the online gambling industry.
As the global economy grinds to a halt and
uncertainty reigns supreme, many have begun to ask the question – will things
ever be the same again? According to many experts, the answer is a resounding
no.
The highly contagious nature of the COVID-19
virus and the variety of health complications means that social distancing
measures will have to be practiced for the foreseeable future or until a
vaccine is developed – which is highly unlikely.
Until a solution is found, it is highly likely
that online casino betting will be able to enjoy an unprecedented increase in customers.
2. The Entry of New Competitors
While some may point out that casinos in Macau –
the world’s largest gambling hub were able to resume operations after just 15
days, the stark reality is that things are far from normal. Casino floors are
relatively empty and foot traffic remains low with many punters staying away
from crowded areas.
Given the relatively low-barriers for entry and
a market filled with investors hungry for opportunity, it is only a matter of time before new competitors begin
appearing on scene. This can potentially be a problem for current online
casinos who may want to consider diversifying their range of games offered.
With sports betting also affected by the lockdown,
punters have begun turning towards online casinos and slot games for their
gambling needs which may in turn encourage bookmakers to open up their own
online casinos in order to capitalize on shifting market demands.
3. Stricter Compliance
Casinos and other gambling outlets have always
been closely monitored and regulated by government bodies given the nature of
the business. Now with the economy taking a turn for the worst and with jobs at
stake, people are likely to be more anxious and stressed which in turn leads to
compulsive gambling and other risky behavior.
This has forced governments everywhere to
introduce more stringent regulations with regards to gambling, these measures have included
restricting advertising, minimizing payouts and even banning gambling outright
in some areas.
Given the current state of affairs and the
increased levels of vigilance, online casinos and gaming sites may begin
imposing limits on bet sizes and practice more thorough screening of
punters.
4. Potential cash flow issues
Whilst the online casino business is and has
always been a solid one, it is not entirely recession-proof. As businesses all
over the world shut down or scale back on their operations, employees and
business owners everywhere face the very real prospect of losing a significant
portion of their incomes.
This in turn overlaps onto the online betting
industry as punters begin to suffer from problems related to cash flow.
Initially, the effects may not be tangible as we are yet to feel the true
impact of a pending global recession.
Only when businesses begin to shut down and
unemployment numbers rise 6 to 8 months down the line, will we begin to see a
drop in revenue and takings. Consequently, operators should seriously consider
putting aside cash reserves for the lean months ahead in order to stay afloat.
As the old proverb goes, “All Good Things Must
Come to an End”, so will the windfall from the sudden influx of new punters.
The COVID-19 pandemic is unlike anything that humanity has seen in over a
century and even the most resistant of industries will not be safe.
UBX,
the fintech company of Union Bank of the Philippines (UnionBank), recently
started deploying a rapid and remote mobile-enabled ATM solution in response to
COVID-19, as part of its i2i platform.
With i2i Mobile ATM, rural banks and financial cooperatives across the Philippines
are enabled to pay-out a wide range of government subsidies direct to
beneficiaries in the historically underserved countryside. This will help
address the growing need to access cash, as a result of the extended enhanced
community quarantine (ECQ) in Luzon, the largest and most populous island in
the country.
i2i’s
Mobile ATM technology works just like a standard
ATM and allows rural banks, financial cooperatives, their agents and associated
merchants to offer cash out and balance inquiry transactions for all locally
issued debit/ATM cards. Financial institutions that avail of i2i Mobile ATM receive
i2i Mobile ATM devices within days of signing up. They are enabled to pay-out government
subsidies and positioned to participate in the emergency
subsidy program under the Philippine government’s Bayanihan to Heal as One Act.
UBX
developed this state-of-the-art mobile ATM in partnership with leading Irish
Financial Services Group, Fexco. Fexco
currently employs more than 2,400 people across the globe, focused on
delivering technology enabled financial services to a wide range of banking and
fintech partners, and this initiative with UBX will build on the existing
partnership in the Philippines.
Cathal
Brendan Foley, CEO of Fexco Philippines, said: “We are very pleased to
be partnering with UBX to assist Filipinos in this time of need. This
partnership will allow us to rapidly deliver crucial financial services to
consumers across the UBX and UBP banking partner network. Fexco and UBX are
both dedicated to enhancing financial inclusion for both the businesses and the
people of the Philippines.”
UBX’s
i2i Network is the fastest-growing and largest network of financial
institutions including rural banks, thrift banks, savings banks, cooperatives
and other non-banking financial institutions. Since launching its
technology platform in April 2019, the i2i Network is over 110 members strong
with nearly 1,000 branches between them.
John
Januszczak, CEO of UBX Philippines, said: “By digitally connecting
community-based financial institutions best positioned to serve the financially
excluded, the i2i Network and i2i Mobile ATM are extremely well poised to
support our government’s effort to contain the pandemic while enabling the
provision of much needed relief to those affected.”
The way different companies used to do
business has been changed dramatically in the last few years. Now, there are
the latest and modern solutions for companies and businesses in order to enhance
their productivity and grow their businesses.
Managed services for businesses have genuinely revolutionized the start-up culture. There are different kinds of service providers for your business all around the globe. It means you don’t have to a separate department for everything. Instead, you can just get managed services. For example, Managed IT services for small and mid-sized organizations are easily available, and you can easily take benefits from it.
Here are some of the reasons that make
managed IT services a must-have for your business:
Efficient and
Reliable IT Operations
When it comes to IT operations, you need to
have an efficient and reliable team to take care of the important things. It is
only possible when you have a team full of experts to perform on-demand
IT support. Therefore, if you get managed IT services, you’ll know
that you have a collaborative partner to make things easy for your business.
Hence, you’ll be able to focus on matters other than IT support.
Enhanced Compliance and Security
IT management services make sure that they
provide ultimate compliance and security to your business. If you have an in
house IT team, then if things go south and there is a security breach, your
system will be compromised. So, you’ll have to spend a good deal of money to
make sure that you have unbreakable security. But, if you get managed services,
then they will take care of all the security details for your business.
Proactive Maintenance Approach
When it comes to IT support, it means that
you’ll be needing regular maintenance. This maintenance can be extremely time
consuming, and if not done on time, it can affect your business operations.
Therefore, make sure that you have the right approach for maintenance. It is
important because, if delayed, it can cause serious damage to standard
operations and workflow of your business.
A Cost-Effective Solution
If you are a small or medium-sized business,
then obviously, finance is difficult for you to manage. You can’t afford to
build a complete in-house tech support team. It requires a lot of
infrastructure and resources. Therefore, getting the services of a company is a
cheap and wise option for small and medium-sized businesses. Now, even the big
companies around the globe are choosing such companies because of all the
benefits they have to offer.
Enables the Internal Staff to Be More Productive
Lastly, the most important
thing for any business is the high productivity of the staff. When you have
managed services from another company, it’ll definitely easily burden off your
own employees. Hence, they will have more time and resources to focus on other
important business operations. It’ll be the ultimate help for your business’s
growth because his growth highly depends on the productivity of your employees.
Finbold.com has launched the Coronavirus
Research Index (CRI) to identify countries that are putting in the most
effort in finding ways to manage the COVID-19 disease.
The index ranks the countries based on the number of active medical
coronavirus studies that show which countries are actually executing the most
research related to COVID-19 to understand the virus to find the effective
means of managing the disease. According to the Index, China, the United
States, and France are the top three countries leading in the number of active
studies related to coronavirus.
China leads in
studying coronavirus
The CRI shows that China has 60 active studies, with the United States
having 49 ongoing studies. On the other hand, France has 26 active studies.
Idas Keb, a co-founder at Finbold, on the findings commented:
“Interestingly, the index also reveals that while there is some correlation
between countries that have the most COVID-19 cases and the number of medical
studies, the majority of the countries are still far behind on coronavirus
research. For example, Spain, which is second by the number of confirmed
coronavirus cases, is not within the top 5 countries in the research index.”
The report features studies that are labeled as ‘Active’ on the
ClinicalTrials.gov database. The studies have a different status like
Recruiting, Not yet recruiting, Active not recruiting and Enrolling by
invitation.
The research index also highlights the study title, the status of the study,
the institutions carrying out the study and the interventions placed into
managing the condition.
Currently, the Finbold.com Coronavirus Research Index identifies 39
countries with ongoing studies on COVID-19. All listed countries have confirmed
cases of the novel coronavirus.
While trading, every
trader uses a unique trading strategies to navigate in the Forex market.
Strategies are used by traders to help them to trade in a profitable way. You
need to understand the fact that not all the strategies will work for every
trader. A simple trend trading strategy can help you to secure profit, but still,
you might not be able to make a decent profit after a few months. The market is
always changing its nature and it’s your duty to keep pace with this dynamic
market.
The market allows a
trader to work as per their skills and strategies. If you have good and
effective skills and strategies you will be able to make profits but if you
have a lack of skills and strategies then you will find it difficult to make
profit. Although there are some important principles that are common in the
entire market for all traders to achieve their goals.
Pay attention to the indicators
It’s important for all
traders to understand what is happening and what might happen in the market.
Through the analysis of Forex indicators, you can understand the market better. Indicators play a crucial role in the market, so all
traders should learn their uses. When you learn the use of the indicators, open
a demo account with Rakuten so that you don’t have to lose too much money.
You can find out the
economic situation of the market’s currency by using the indicators. The
indicators also help traders to identify the best time for entry and exit in a
profitable way. If you can identify the best times then it will maximize your
profits by reducing your losses.
Keep a personal trading record
Many traders fail to
keep accurate and faithful trading records and thus can’t identify their
previous mistakes or rectify them. Trading records can enhance a trader’s
entire trading system, as it allows you to trade by thinking twice to find out
whether you will make profit or not. Once you develop the habit of keeping the
record, you can execute quality
trades in the fx trading account. Most importantly, you will start building up
confidence which is the most crucial component of trading.
You can make better
strategies and skills in your trades by keeping trading records. A trading record
acts as a guideline for traders as it helps them to rectify their previous
mistakes and to trade with better strategies in the next move.
Embrace the risk management
If you want to become
a successful trader, you should never avoid risk management in your trades.
Risk management is essential for all the traders as they can lower the
percentage of losses in the trades by setting proper risk management. Never
break the rules of risk management as it can blow up the trading account. Stick
to the safe method so that you can earn big amount of money. Analyze the losing
orders and learn from your mistakes. Once you become good at trading, start
placing trades with confidence.
You should never risk
more than 2% of your trading capital and never change your risk management out
of greed. Many new traders set higher risk management in their trades and thus
end up losing their capital. It is also known that proper risk management is a
savior for traders as it reduces the percentage of losses.
Conclusion
You can have your own
rules for trading in the Forex market but don’t ever avoid the principle
trading methods. The above points will help you to trade in a profitable way,
you also need to pay attention to all the terms and conditions of the market.
The entire trading system may become easier for you if you learn and understand
the market more precisely. Mastering the Forex market is a never-ending
learning process.
Mining has become a very lucrative business. Due to
the rising demand for cryptocurrency, thousands of people are trying to earn
their living by mining it. In the past, mining Bitcoin was extensively popular.
But things are getting much better. People are mining different types of crypto
to compete with giant mining companies. Though you could have once made a
decent amount of money as a solo miner, nowadays it has become way more
difficult.
Does that mean, we the individual miners have no
place? Well, it’s a bit of a tricky question as the answer is related to the
actions of miners. If a person knows the ins and outs of the mining business,
it can be a life-changing profession. Let’s learn some of the key steps which miners
are using to make big profit from this market.
Return over
investment
The professional miners have a clear knowledge of ROI which is often known as a return over investment. You
don’t want to spend a huge amount of money setting up a personal mining rig
without knowing the ROI. You have to consider mining as a business and only
then will you be able to come up with a unique idea that will tell you how much
money might get from per month. Once you know your monthly income from mining,
it’s just basic math to find out how long it will take to cover the investment.
In the past, the mining process was much easier but things are extremely
difficult now. Unless you have a super-powerful mining rig, you should not
expect to get a full return from your investment within a short time. So,
consider the ROI factor whiling mining cryptocurrencies.
Selection of the
digital asset
Selecting a digital asset is the most complicated
task. It’s more like knowing what cryptocurrency to buy. Those who think Bitcoin mining is the
only way to make money have a lot to learn about the crypto mining industry.
People are mining Ethereum, Litecoin, Dash, etc. which is relatively easy. So,
how do you find the best digital asset to mine?
Pro miners use the real-time market data from bigX and they find the
cryptocurrencies which are most likely to go in up the near future. So, it’s obvious
you can’t make a big profit by mining one specific set of the asset. Try to
diversify your mining rigs so that it increases your win rate. It might be
tough for new miners but they must educate themselves to become pros.
The cost associated
with mining
Setting up the mining rig is not the only cost by
which you can make a decent profit from this market. You have to know about the
associated cost in mining. In most cases, electricity consumption becomes the
killers. But the
professional miners use alternative solar power to mitigate the mining cost. Setting up a solar
power hub for the mining rigs might be a very expensive process. Unless you are
going to commit to this business in the long run, you should not entertain this
idea. At times, you will also have technical faults in the mining rigs. To fix
these problems, you have to spend a good amount of money. Include those costs
in your mining business and find out how much money you can make from this
industry. This data will help you to scale the business.
Conclusion
Mining can be a very profitable business for those who
know the perfect way to run a rig. It requires constant supervision and
adjustments to the strategy so that you can efficiently mine cryptocurrencies.
Though new miners might not understand the importance of focusing on the minor
details, it plays a crucial role in the ROI factor. So, follow the tips of this
article very carefully.
Very few traders pay attention to the size of their
trading account. In most cases, the traders are biased in favor of leverage and
they are enjoying the high-risk trading environment. But leverage is only for
the expert Singaporean traders who know the risk management policy from the
core. They often find it hard to manage the leverage trading account. The best
practice is to use 1:10 leverage (maximum) while trading the real market. You
can say that without using the leverage, you won’t be able to support your
family. Well, it depends on the size of your account. If you invest $1000, it’s
very obvious you are not going to make a significant profit from this market.
This content is not going to be like a traditional
article. We are going to give you some key metrics that will allow you to manage the risk in trading.
Most importantly, it will help you to find the amount of money which you must
have to live your life with trading business.
Your family needs
First of all identity your family needs. Calculate the
basic costs of your family life so that you know the minimum amount of money
you need to make per month. In most cases, rookies don’t believe in such an
approach. They become fairly aggressive with the trading method and try to earn
money without having any goal. But such things are not going to work. This is not
how the professionals place their trade in real life. They have specific sets
of goals and for this reason, they can make a decent profit from this market.
Being a new trader in the Forex market, it will be tough to trade with goals. Without
developing these skills, you won’t be able to know the amount of money which
you must invest in trading.
Depends on your win
rate
The success rate of retail traders in the exchange traded funds greatly varies. You have to know your
success rate by using the demo account. Those who have a high success rate can
effectively use leverage. So, they will require a small amount of money. On the
contrary, those who don’t have a high success rate must trade with a low leverage
account. For them, leverage is like a time bomb. They will never know when it
costs them a fortune. So, work hard on your trading strategy so that you can
have a great win rate in trading. Never try to deal with the market with a low
win rate as it makes the trading process much more complicated.
Profit factors
You might be thinking about how much money you can
earn from this market. The professional usually makes 5-10%+ profit per month.
So, use the simple mathematical calculation and find out how much money you
need to support your family. If the number of too big, you must increase the
size of your capital. But this should be done professionally. Borrowing money
from other people to trade the market is a very big mistake. This is one of the most common reasons why
rookies are losing money in trading.
The rookies might not be able to earn so much profit
for the first few years. They should be happy with a 2-3% profit per month.
Once they become good at analyzing the profit factor, they can easily scale up
the size of their account balance.
Conclusion
There is no fixed rule to investing money at trading.
But stop investing money that you can’t lose in trading. If we talk about the rule
of thumb, it is imperative to invest at least $2000 at the initial stage.
Anything less than that will force you to overtrade. Once you start
overtrading, you are going to have a very long journey towards success.
DLM Capital Group – a developmental investment bank that supports economic and social infrastructure projects with the aim of driving GDP growth and improving lives.
Founding chairman and group CEO of investment firm DLM Capital Group, Sonnie Ayere
DLM Advisory Partners (DLMAP), formerly Dunn Loren Merrifield Advisory Partners, is the advisory and capital-raising arm of DLM Capital group. The principal services provided by DLMAP include financial advisory, debt capital-raising, equity capital raising, mergers and acquisitions, and company set-up advisory.
DLMAP has played a leading role in structured finance and securitisation within Nigeria. “We have acted as sole arranger to more than 80 percent of structured finance transactions in Nigeria, and 100 percent of all securitisation transactions in the market,” says CEO Sonnie Ayere.
Most
Innovative Transaction of 2019
In 2019, DLM executed the first Bus Rapid Transit (BRT) securitisation in Nigeria, working with the sponsor, Primero Transport Services Limited (PTSL). The system caters to residents of the country’s most densely populated city, Lagos. DLM raised ₦16.50bn ($45.8m) through the securitisation of the company’s BRT tickets receivables. The sponsor is licensed to operate the longest BRT route in West Africa, 35.3km, with its 434-bus fleet.
DLM Capital Group
A feasibility study conducted put the daily passenger carriage at about 226,300 passengers per day. Due to working capital pressures, the company was only able to serve an average of 135,000 daily passengers before the securitisation transaction in 2019.
The ₦16.5bn 17 percent Series 1 Fixed Rate Bonds issued were primarily used to refinance all pre-existing commercial banking loan facilities on the books of the sponsor. The transaction provided the company with savings in interest, shaving the cost of funds from 27 percent per annum to 17 percent. At the same time, it extended the tenor of the company’s debt from three years to seven.
With this transaction, DLM was able to provide the company with up to 10 percent savings in interest, reducing the cash required to service debt and improving the company’s working capital. DLM also advised on the restructuring of the company’s balance sheet by moving the operating assets into a new vehicle and eliminated the strain of depreciation charges.
Focus for
2020
DLM is in discussions with industry stakeholders and umbrella bodies to establish proprietary funding conduits across key sectors of the Nigerian economy. It intends to include microfinance, agriculture, education, health care and a continuation of other funding programmes for the mortgage, real estate and transportation sectors.
Working with a DFI partner, the company recently concluded the design of an aggregation vehicle aimed at providing local currency, wholesale funding solutions to micro-lenders in Nigeria by way of loan book securitisation.
A similar platform to provide financing to primary users of agriculture commodities is currently being developed.
Traveling for work is a complex issue
when it comes to your eligibility for workers’ compensation. The general rule
is that workers’ compensation doesn’t cover your commute to and from work.
Does Workers’ Comp Cover
Travel for Business?
Yes, workers’ comp covers travel for
business. When you’re traveling because of your work, you can claim workers’
compensation in the event of an injury. The workers’ compensation system
operates the same way whether you’re actively on the job or traveling for your
employer.
Personal errands during work travel are
not covered; however, the travel itself and incidental activities like the
hotel and meals still fall under the workers’ compensation system. Workers’
compensation covers travel for business except for strictly personal activities
during the trip.
Does Workers’ Comp Cover
Travel to and From Work?
Workers’ comp does not cover travel to
and from work. However, there may be situations when you are traveling related
to work that are actually covered. Travel to and from work is generally not
included. Still, if you are running errands for your employer or on a
work-related travel assignment, you may actually be classified as working.
It depends on whether you’re serving the
interests of your employer during the travel. Although the general rule is that
workers’ comp does not include travel to and from work, there may be situations
where your traveling counts as being on the job.
Workers’ Compensation and
Travel
The purpose of workers’ compensation is
to provide employees easy access to financial compensation when they’re hurt at
work. The general rule is that you can claim workers’ compensation for
work-related injuries. If you’re on the job and you get hurt, you can access
the workers’ compensation system to pay for your medical bills and provide
replacement income.
However, workers’ compensation doesn’t
cover the risks of daily life. For that reason, the employee’s personal commute
doesn’t fall under the workers’ compensation system. If you get hurt going to
or from work, you have to look to your own car insurance or personal insurance
to pay your expenses. You may also bring a third-party claim for financial
compensation, but the person or entity that caused your injury is responsible
for your damages, not your employer.
Traveling for Work
However, even if you’re traveling at the
time of your injury, you’re not necessarily out of the workers’ compensation
system. You may be traveling for work and not realize it. When you’re traveling
on company business, you’re still covered by workers’ compensation.
Even things that are incidental to the
travel itself, like staying at a hotel or eating meals while away from home,
can classify you as working for the purposes of workers’ compensation. It’s
essential to evaluate the entire circumstances present when the accident
occurs.
Buma vs. Providence Corp.
Development – Nevada Supreme Court
In theBuma v.
Providence Corp. Development case, the Nevada Supreme Court
recently clarified the rules when it comes to what counts as work-related travel.Nevada Revised Statutes 616C.150(1) states
that a person must show their injury arises out of the course of employment.
The court said that a person might be in the course of their employment even if
they’re not directly on the route of travel at the time of the injury.
In the Buma v. Providence Corp. case, the
victim was the vice president of sales for his company. He worked from home and
made his own travel arrangements. The victim traveled out of state for a
conference. He stayed at a ranch with a friend and affiliate of the company.
Together, the two prepared joint presentations to give on behalf of the
company. The victim died while riding an ATV on the ranch.
The third-party workers’ comp insurer,
and the lower court, denied the victim’s family workers’ compensation benefits.
They said that the accident did not arise out of work duties. However, the
Nevada Supreme Court vacated the lower court’s decision.
When Does an Injury Arise out
of the Course of Employment for Workers’ Compensation Purposes?
The Nevada Supreme Court said that an
injury arises out of the scope of employment when there is a causal connection
between the victim’s injury and the nature of the employee’s duties. UnderNevada Revised Statutes 616B.612(3), all
travel that an employee gets paid for is part of the course of employment.
However, even if part of the travel isn’t
compensated hourly, it may still be work-related travel. Generally, workers’ compensation
covers business trips. It covers the actual business part of the trip, but it
also includes staying in hotels, sleeping, eating, and other navigation that
has to happen for the trip.
Does the “Coming and Going”
Workers’ Compensation Rule Apply During Business Travel?
In the Buma case, the lower court applied
the “going and coming” rule. The rule prohibits compensation for injuries that
occur during the commute. The Supreme Court explained that the employer is not
liable for the daily dangers of the employee; however, the commuting rule isn’t
applicable when a person travels for work. Under Nevada law 616B.612(3),
traveling employees are covered, including acts that are incidental to
traveling.
The court said that work travel doesn’t
cover social and recreational activities that a traveling employee chooses to
pursue. These are things that occur for strictly personal amusement. To be a
personal activity, the employee must show an intent to abandon the job
temporarily. It’s a very fact-dependent question that depends on the unique
situation in each case.
Conclusion
The workers’ compensation commuting rule is complicated. There are times that work travel is covered, and you are eligible for benefits. Sometimes it can be a difficult question of whether you’re traveling for business. The Las Vegas workers’ compensation attorneys at Adam S. Kutner, Attorney at Law explain travel, and the 2019 Nevada Supreme Court case of Buma vs. Providence Corp. Development.
The best way to know if you qualify for
workers’ compensation is by getting a personal review of your claim by a
qualified and experienced attorney.
