| 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 equine insurance, ask your equine veterinarian
for “Understanding Horse Insurance Responsibilities: Guidelines
to Consider,” a brochure provided by the AAEP in conjunction
with Bayer Animal Health, an AAEP Educational Partner. Additional information
is available on the AAEP’s horse-health Web site, www.myHorseMatters.com.
Reprinted with
permission from the American Association of Equine Practitioners.
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