What is Equine Mortality Insurance?
This insurance policy protects the owner/lessor against the loss of a horse as a result of a covered accident, injury, illness or disease, while also providing coverage for theft of the horse. The premium is determined by a percentage of the horse’s value, as well as its intended use, breed, sex and age. Most policies are written on an agreed value basis and coverage is available in most states.
Mortality Coverages for your Horse
West Coast Equine Insurance Services is pleased to offer you insurance protection for your valuable assets and riding partners. We represent several carriers, and can tailor a program to fit your specific needs. Some of the coverages include;
Mortality & Theft Coverage
This is the basic coverage, and required for any of the following options. It includes coverage for death as a result of theft, injury, illness, disease, or humane destruction. Transportation exposures are automatically included anywhere in the continental U.S.A. or Canada.
Colic Surgery Coverage
Some companies will provide a limited coverage for colic surgeries, up to $3,500. This is a valuable enhancement to the basic mortality/theft policy. However, a colic surgery would also be covered under the major medical/surgical or surgical (only) coverages described below. This “free” coverage can be added to your package as a major medical option.
Guaranteed Extension Coverage
This endorsement provides that in the event a condition occurs to your horse (and is reported) during the policy period, the mortality coverage will automatically continue for up to 12 months after the expiration date of the policy. (This coverage is not available with all companies).
Agreed Value or Value Coverage
This endorsement establishes the insurable value of your horse at the time the policy is written, and you would be paid the amount stated in the policy declarations at the time of a loss. This contrasts to actual cash value policies which are based on the value of your horse at the time of the loss, not necessarily the stated amount in the policy declarations. We strongly recommend agreed value policies, and will quote them whenever possible. We don’t believe that anyone wants to be negotiating with an insurance company as to the value of your horse, during this stressful time following your loss. It requires a bit of homework up front, but you will sleep better for having done it.
Major Medical and Surgical Coverage
This option provides your horse with coverage for the cost of covered medical and surgical procedures, including diagnostics, as a result of accident, illness or disease. There is normally a deductible which applies to each occurrence and an annual aggregate limit (frequently ranging from $5,000 to $15,000) for all major medical claims during the policy period. When comparing coverages and companies, be sure to ask about limitations, exclusions, and coverage limits. In some instances, major medical limits may be restricted to no more than the insured value of the horse.
Surgical (Only) Coverage
This option provides your horse with coverage (frequently up to $5,000) for the actual cost of surgery, and approved non-surgical veterinary fees for the “aftercare” This coverage is slightly less expensive than the above major medical and surgical option, but more limited in scope. Often, it is provided to horse’s not eligible for major medical coverage, due to age, existing conditions, etc.
World-Wide Coverage Including Transit
The basic mortality policy provides coverage within the USA and Canada. If purchasing a horse in another country, or if you compete internationally, the policy will need to be endorsed to expand the coverage territory to and from other approved countries.
This option provides coverage in the event your proven stud becomes permanently incapable of settling mares as a result of an accident, illness or disease. Coverage is not available to stallions in their first breeding season, and some companies may require a semen evaluation or vet exam prior to coverage.
External Injury Loss of Use
This option provides coverage in the event your horse is permanently unable to compete in its designated discipline, as a result of a visible, external, accidental and violent means. This would include injuries such running into a fence, getting kicked, or a trailering accident. This coverage is available to only a few disciplines. It requires that you also carry major medical coverage on the horse. Coverage is generally for only a percentage (ie: 50%) of the horse’s value.
Full Loss of Use Including Economic Destruction
This option provides coverage in the event your horse suffers an illness or injury, and as a result is permanently unable to compete in its designated discipline, or if the cost of surgical or medical support is not economically viable. This coverage requires a full vet exam, including X-rays of all four legs. As above, major medical coverage is required, and only a percentage of the horses value is paid to resolve a claim.
Disclaimer: These brief descriptions of coverages are for informational purposes only. In no way does this replace the actual policy coverages as written and endorsed by the insuring company.
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