Equestrian Insurance: why do I need insurance on my horse?
The intent of insurance is to protect and/or indemnify someone who has suffered a monetary or personal loss. Insuring a horse protects you against circumstances out of your control, such as, the death of your horse, unexpected surgeries, as well as sickness or injuries. Horse Insurance packages available through your broker include, but are not limited to, the following coverages:
All Risk Mortality Insurance protects you against death of your horse by accident, sickness, illness, disease, fire, theft and humane destruction. Some examples include but are not limited to: neurological disorders, transportation, and fracture of a leg.
Guaranteed Renewal with Waiver of Depreciation is another coverage that you want to make sure you have on your policy. In the event that your horse has a major sickness or injury during the policy term, this coverage guarantees that the Mortality Insurance will be renewed at the same terms and conditions as the previous year for an additional 12 months. Therefore, if your horse has colic surgery, for example, the value will NOT be reduced on renewal and the insurer will not exclude colic if the horse dies within the 12 month period.
Major Medical Insurance covers emergency surgeries under a general anesthetic, but is not limited to surgery. If your horse suffers from an injury, sickness or illness and requires medical attention, you can submit a claim over and above your deductible. For example, if your horse suffers from a tendon injury, severe laceration, or colic and requires diagnostics and treatments, the Major Medical Insurance will respond. However, it does not cover regular maintenance or wear and tear (navicular, degenerative joint disease or arthritis). Be sure to ask your broker if there are any limitations for diagnostics or treatments, as you may be at a financial loss depending on your policy terms.
Death Claim Reimbursement is a postmortem coverage, usually with a limit of $1,000 in order to pay the cost of a necropsy and removal of the body. Both of these can be costly expenses following the death of your horse.
Tack Insurance is extremely important in order to protect against fire and theft. Theft often occurs at horse shows, and you sure don’t want to lose your $5,000 saddle!
Competition Withdrawal Insurance is coverage exclusive to BFL CANADA. If you horse falls ill or is injured prior to leaving for a competition and you have to scratch, you may claim up to $1,000 to cover for reimbursement of the entry and stall fees.
Unfortunately, if you own a horse, you might also one day experience an insurance claim. Purchasing insurance will help you avoid costly out-of-pocket expenses.
In the event that your horse falls ill or gets injured, it is extremely important to notify your insurance broker immediately. First, attend to your horse and call the vet. Once that is done, find your emergency claim number to contact the company you are insured with.
In the event that you cannot reach the insurer, follow the veterinarian’s recommendation and continue calling the emergency number until you reach someone. If surgery is required, do what is in the best interest of the animal, as policy wordings state that you must do everything in your power to save the animal regardless of your coverages.
Most importantly, stay calm and keep your insurance company up to date on the condition of the horse. Protect your investment by insuring your horse today. Speak to your broker about your options.