Understanding Your Horse Insurance Responsibilities
Whether a horse is purchased for personal or business reasons, ownership
represents a
significant investment of time, money and resources. While no one likes
to think about the
potential for tragedy, horses seem to be prone to illness, accidents and
injury. Should
some peril befall your horse, nothing may ease the emotional burden, but
wise planning
can help reduce the economic impact.
Insurance policies are legal contracts between the underwriter (the company)
and the
insured (horse owner). While individual policies vary so much from company
to company
and circumstance to circumstance, it is important to note is that each
policy has its own
terms, conditions and requirements, which may necessitate action from
you, your veterinarian
and your insurance company. To better safeguard yourself and your horse,
follow these guidelines from the American Association of Equine Practitioners
(AAEP):
Read the contract
thoroughly before you apply for coverage.
Ask the insurance
representative to explain any words, phrases or provisions you do
not understand completely.
Know your responsibilities.
What is required should your horse fall ill, become injured or die?
Understand any specific
guidelines for emergency situations. A crisis is not the time to be
trying to interpret your policy's fine print or to look for contact phone
numbers.
If euthanasia is recommended,
know what steps must be taken in order for a claim to
be valid.
Make a list of questions
to ask your insurance agent or company.
Define your needs.
Comparison shop. Besides
cost, buyers should look at the longevity and reputation of
both the agency and the insurance carrier.
Common types of coverage available for horses include but are not limited to:
Mortality: Paid if
the horse dies.
Loss of Use: Paid
on a percentage basis if horse is permanently incapacitated for its
intended use or purpose.
Major Medical: Like
health insurance, offsets costs of veterinary care for catastrophic
conditions.
Surgical: Policies
that cover only specific procedures such as colic surgery.
Breeding Infertility:
Covers stallions or mares for reproductive failure.
Specified Perils:
Includes any number of things such as lightning, fire or transportation.
For more information about caring for the older horse, email
us to request a copy of the
“Understanding Horse Insurance Responsibilities: Guidelines to Consider”
brochure, provided
by the American Association of Equine Practitioners in partnership with
Educational Partner
Bayer Animal Health. Additional information is available by visiting the
AAEP’s horse health
web site, www.myHorseMatters.com.
Reprinted with permission from the American Association of Equine Practitioners.