What does Seedsmens Errors and Omissions Liability Insurance mean? Read on to discover the definition & meaning of the term Seedsmens Errors and Omissions Liability Insurance - to help you better understand the language used in insurance policies.
Seedsmens Errors and Omissions Liability Insurance
Coverage purchased by seed dealers, growers, wholesalers, and others who grow, sell, or distribute seed. The policies are designed to cover an insured's liability for claims such as failure to germinate, errors in germination tests, and mislabeling. The policies are a form of product guarantee insurance that complements the products liability coverage available under a commercial general liability (CGL) policy form. The CGL policy form is intended to cover any damage to property, other than to the seed itself, and any bodily injury (BI) that results from that seed. In contrast, the seedsmen's errors and omissions (E&O) form covers the failure of the product to perform and the consequent economic losses (e.g., loss of a season's crop) that result from that failure.
More Insurance Terms And Definitions
The Merriam-Webster Dictionary defines insurance as:
b: Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.
c: The sum for which something is insured.
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