What You Need to Know About Equine Insurance
What You Need to Know About Equine Insurance
Equine Insurance is an important part of any horse owner's financial plan. It can be an excellent way to prevent unexpected, significant financial losses if your horse becomes ill or is injured.
Like other forms of insurance, equine policies come in various forms and with many options for coverage. A specialized equine insurance agent can help you choose the right policy for your needs.
Loss of Use
Loss of use coverage is a form of insurance that can be added to a full mortality policy. It reimburses the owner a percentage of the horse's value if it becomes permanently disabled.
This type of coverage is designed for performance horses only, not breeding or pleasure horses. It pays a percentage of the insured value if a horse can no longer perform at the level it was rated in the policy, says Guy Prest from equestrian insurance company KBIS.
The insurance company will review your horse's record of training and competitive success before approving loss of use cover. They will also want to see an up-to-date veterinary assessment of your horse.
Adding basic medical and loss of use insurance to your equine insurance policy helps you save on veterinarian bills and medications. It's similar to human health insurance, which covers treatments and procedures not normally covered by your health plan. It also protects your horse from liability claims.
Medical Expenses
As an equestrian, you've invested time and money in training and caring for your horse. Now consider the potential medical expenses that can arise in the event of an injury or illness.
For example, colic treatment or emergency surgery can easily run into the thousands of dollars.
It's heartbreaking to watch your horse suffer and know that you can't afford the veterinary care necessary to save it.
Fortunately, Equine Insurance offers coverage for medical and surgical costs that may arise in the course of your horse's life. The most common type of insurance is major medical, which covers diagnostics, medications and surgery.
Depending on the company you select, this coverage can provide up to $5,000, $7,500 or $10,000 in benefits per policy period. However, this coverage is only available in conjunction with full or limited mortality insurance and some age restrictions apply.
Specified Peril Coverage
A specified peril policy is an affordable insurance option that can help reduce financial loss if your horse dies from one of the specified perils included in the coverage. This type of policy is typically used for older horses, a large number of horses on a single policy, or when the cost of full mortality insurance isn't economically viable.
Specified perils policies are also often written on a deductible basis, which is akin to the deductible on car or health insurance. This means that you must pay the first portion of a claim out-of-pocket, but the insurer will cover the rest.
Specified perils coverage is often offered as an alternative to comprehensive insurance, which covers damages from fire and other causes, as well as glass breakage and vandalism. Some financial institutions may require you to have comprehensive insurance if you finance or lease your vehicle.
Liability Coverage
Equine insurance is designed to help protect you and your business if you are sued by a third party. It covers your defense costs and pays claims for which you are legally liable up to the policy limits.
If you are a boarding or training facility, breeder, equine event organizer, trainer, or horse salesperson then commercial liability coverage is an important part of your business insurance package. It protects you against lawsuits by clients or customers who are injured during your horse-related activities, as well as from damage to their property during those activities.
In addition to liability coverage, equine insurers offer a variety of other options. These include death and theft coverage, loss of use, and medical and surgical coverage. The last one, for example, will pay a percentage of your horse’s value if he becomes severely disabled. This can be an excellent option for owners who can’t afford to keep their horse if he’s not healthy enough to perform as he should.
https://www.nicholsoninsurance.com/
insurance
agencies lexington ky
What You Need to Know About Equine Insurance Equine Insurance is an important part of any horse owner's financial plan. It can be an excellent way to prevent unexpected, significant financial losses if your horse becomes ill or is injured. Like other forms of insurance, equine policies come in various forms and with many options…