Professional Liability (E&O)
South Western Group has access to a tailored Professional Liability insurance product for those involved in the seed industry. Whilst insurance is not the whole answer, it is important in our increasingly litigious world.
Who needs Seedmen’s Professional Liability Insurance?
Everyone who is involved in growing, conditioning, or distributing seeds. At any stage of the seed business, mistakes (or alleged mistakes) can occur in the selection, conditioning, packaging or testing of the seed which can cause or contribute to the loss in whole, or in part, of the customer’s crop. Even the most professional of organisations may suffer from a lapse in standards by a distracted employee, which can seriously impact a company’s balance sheet if there is no applicable insurance.
What are the key features of this insurance program?
The policy wording covers Claims Made during the policy period, excluding claims/circumstances which are known about at the inception of the policy. It defines “Seed(s)” as including “seeds, bulbs, plants roots, tubers or other similar means of plant propagation”. The policy covers World-Wide Sales of all crops including Genetically Modified Organisms. The Limits and Deductible are both inclusive of defense costs and expenses. This means that the Insured must contribute to the defense of any claim, and the sum insured should be adequate to include these expenses. The Deductible would be geared to an Insured’s turnover, and to the Insured’s own claims record. Vegetable Seeds would have a larger Deductible than Agricultural Seeds. Underwriters are willing to offer a Catastrophe Protection for those large risks which only require insurance to protect them against the unusually large claims. It is intended that Premiums are kept to a minimum, but most important of all is that Underwriters approach is flexible. Underwriters are fully aware that each risk should be considered on its own merits, whilst aiming to provide the most attractive terms to benefit the industry as a whole.
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