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 defence
costs and expenses. This means that the Insured must
contribute to the defence 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. Capacity is
available to provide limits up to US$5,000,000 / GBP 5,000,000
or more.
It is intended that
Premiums are kept to a minimum,
whilst the Insureds should bear as large a Deductible as
possible, 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 build up
the programme as a whole.
