Equine Insurance – Three Important Aspects to Keep in Mind
Equine Insurance is a vital part of the daily life of an equine owner. Equine Insurance helps cover the cost of veterinary care and medical treatment for your horse in case of an accident or illness. However, there are a number of aspects to consider when purchasing an equine insurance policy. This article covers three important areas to keep in mind. These are Care, custody, control; Exclusions; and Loss of use.
Care, Custody, and Control (CCC) Liability Insurance protects you against legal liability costs when an animal in your Care gets injured or dies. CCC insurance is separate from general liability coverage. You can add it to your general liability policy or purchase an individual one. CCC insurance provides coverage for damages to horses, veterinary expenses, and defense costs in lawsuits. Coverage can be purchased on a per-horse basis or on a per-year basis. It can also include limited non-owned tack coverage.
The premium for a care, custody, and control policy is typically based on the number of horses in your barn, and the average value of those horses. Your premium will not be reduced if you add another horse. A basic policy covers your horses during incidental transit. This is usually defined as six trips of 150 miles or less. For an additional premium, you can eliminate this mileage restriction.
You may need to file a loss of use claim if your horse gets sick or injured. This can be a difficult proposition, and it can be tough to recover your money. The key is to file the claim as soon as possible. Fortunately, there are several options to consider. Some insurance policies may offer regular veterinary Care. They can also provide reimbursement for a portion of your horse’s value. Other policies may only cover pre-existing conditions or only for injuries that occur suddenly. You should consult with your veterinarian to ensure you get the right coverage.
Some companies offer coverage for performance horses. Performance horse insurance is not for pleasure horses, or breeding horses. It pays out a percentage of the horse’s insured value if your horse becomes unable to perform. You can add a loss of use claim to your major medical coverage. Major medical Insurance reimburses for a portion of your horse’s vet expenses. Generally, this type of Insurance is more expensive than loss of use coverage.
Horses are susceptible to many diseases and injuries, so you’ll want to have a plan in place to cover your horse should it suffer a catastrophic health problem. Equine medical insurance ensures that your horse gets the Care and treatment it needs should it become ill. The benefits offered by these policies vary, but some are quite generous. It’s best to shop around to find the right policy for your horse.
When looking for a medical plan, be sure to read the fine print. Some policies do not cover routine veterinary Care, such as vaccinations, dental work, and alternative therapies. Also, some exclude pre-existing conditions. Surgical coverage is often overlooked. Surgical policies typically come with a deductible of about $300, which means you’ll have to pay up front before your coverage kicks in. This type of policy can be a good way to ensure that you’re able to pay for anesthetic and operating room charges when your horse needs surgery.
Exclusions in an Equine Insurance policy are designed to keep premiums low. However, they can make it more difficult to file a claim if you have an unreported medical history. The policy is not intended to cover routine physical exams or preventative treatments. In addition, some insurance companies limit the amount of time a treatment will be covered.
Exclusions can include pre-existing conditions and congenital defects. Some policies also exclude dental procedures. Horses that are under the age of 3 to 6 months are not eligible for major medical coverage. Many policies also exclude elective surgeries. Most mortality policies cover fatal injuries resulting from accidents. These policies can be purchased as an endorsement on a liability policy. Some insurance companies also require that horses that are in the Care of others be insured. If you have a horse in the Care of a trainer or boarder, you may need to purchase care, custody and control coverage.
