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A FEW
FREQUENTLY ASKED QUESTIONS
How much does it cost?
We can give a rough guide with only your name, address and
question nine of our application form completed. Please note our
rates haven’t changed for many years which is unusual for the
insurance industry where pricing varies according to the supply
of capital. Our rates have been tested over many years and the
Underwriters know where pricing should be over the longer period
to pay your claims and generate a fair return for themselves. If
ever you see terms far cheaper than ours you should ask if the
cover is the same and, if it is the same, you should wonder if
the carrier has the depth of knowledge to respond to your
problems and whether they will be there for you next year.
Do you pay for replacement seed?
The cost of replacement seed isn’t covered as such a cost is
usually small and, in any event, is part of your contractual
relationship with your client. Our cover is really designed to
protect you against the bigger problems which your firm would
find difficult to resolve.
Does Lloyds ever pay ex gratia (good will) claims?
Certainly if it is to avoid a claim developing. However, in the
interests of the industry, underwriters do not pay invalid or
frivolous claims.
Does it help to have our national association involved?
Yes. There are certain minimum costs underwriters must meet and
the involvement of the national or local association means the
Underwriters have a higher chance of recouping these costs and
can therefore charge lower rates to individual firms.
Furthermore the association can answer questions for us which
gives the Underwriters a better understanding of local
conditions giving them a higher comfort level with the risks
they are taking on.
Do I make myself a target by having insurance?
It is possible a frivolous claimant might attack you knowing you
have the means to pay, but they might also think twice if they
know you have the means to protect yourself. In our experience a
genuine claimant will always bring his claim even if it means
putting you out of business.
I’m worried my distributors and growers don’t have cover. Can
you help them?
We find it very difficult to charge tiny premiums to very small
firms because each policy has its fixed minimum costs. Having
the very small distributors or growers included in the Seedsmens
policy as additional assureds spreads the minimum cost over
several additional/many small firms and brings the premiums to a
very affordable level. A seedsmen may either have all his
growers/distributors covered at inception with his own policy
and recoup the cost from the grower/distributor or have each
distributor/grower apply to be added on their own behalf.
Obviously the distributor or grower would need separate cover
for their activities not involving the policy’s Named Assured.
Do I send submissions to you?
Please use your usual local broker with whom you feel
comfortable. All quotes will come from us, but we cannot be
locally licensed in every country in the world and, in any
event, would not wish to upset existing relationships. If you do
not have a current broker we can probably direct you to a
competent local broker in many parts of the world.
Richard Symes
John Grant
The
content of this web page is for general information only and
does not constitute advice or opinion. We do not, in any way,
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the content, for whatever purpose, is at your sole risk. You
must seek specific advice in relation to your own needs (V1
05/01/2021). |
