A Minnesota agricultural services firm and its owner were sued by an insurer over coverage for separate litigation alleging they defrauded an agricultural lender.
Coverage is barred by exclusions in a professional liability policy, including provisions dealing with farm financial consulting activities and contractual liability, NAMIC Insurance Co. said in a complaint filed Wednesday in the US District Court for the District of Minnesota.
In the underlying state court case, Agrifund LLC alleged that Productive Ag Services and Craig R. Schroeder served as dual agents—working for both the lender and borrowers—while making misrepresentations on loan applications for two farm operating ...
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