Equine Insurance

CHAPTER 10 Equine Insurance



Ronald K. Kirk, T. Douglas Byars



TYPES OF INSURANCE


Equine veterinarians are generally involved with four types of equine insurance and should be familiar with the specifications and intended function of these types of policies. The four general types are perils or accidental death policies, mortality policies, loss-of-use policies, and major medical conditions policies.



Perils or Accidental Death Insurance


This type of policy protects owners from loss due to perils or accidental death of the horse caused by natural disasters. This type of insurance involves mortality loss associated with floods, wind, lightning, and other natural disasters and includes loss associated with transportation accidents. This type of policy is principally aimed at protecting the insured from herd losses, and veterinary examination is not required. However, when a claim is filed, a veterinarian may be required to perform a necropsy to assess catastrophic losses or justify the need for euthanasia. Therefore, although veterinary examination is not required for insuring the animals, it is required for the assessment of claims.



Mortality Insurance


This is the most common form of individual animal insurance, wherein the insurance company pays the insured value of the animal after it has died or been humanely destroyed. A veterinary examination is required for insurance purposes, and the examination form is submitted to the insurance company. Most mortality policies require annual renewal, which involves an additional veterinary examination. Some companies have policies that provide for automatic renewal, although additional veterinary examinations may be requested.

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May 28, 2016 | Posted by in EQUINE MEDICINE | Comments Off on Equine Insurance

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