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Insurance |
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Like any insurance the idea of horse insurance is to protect the policy holder against unexpected problems arising with their animal.
Most insurance policies run for a 12 month period, at the end of this period the provider may offer you with a new contract which will take into account any changes in the horse's condition or value and may exclude any condition that occurred during the previous 12 months. The providers are not obliged to offer you a new contract after a year and in the same way neither are you obliged to accept the new terms and can choose to find an alternative provider.
Any insurance policy is based on 'utmost good faith' meaning that both you and the insurance provider are expected to disclose all facts relating to the animal and the insurance policy. This is very important as if you try to hide anything from the insurer relating to your horse's health the policy may be void and they could refuse to pay out on a claim.
Once a claim is made for an incident or condition the cover will usually extend for 12 months from the date the problem started. After this point most insurance providers will not pay out further for this particular condition and, if this is provided in the insurance policy, loss of use may be claimed (see later).
Any pre-existing conditions that your horse has will not be covered by the policy. This is very important to realise when buying a horse that problems found on a pre-purchase examination may not be covered by insurance and could potentially prove costly. Your veterinary surgeon can offer an opinion as to whether certain conditions should be excluded or not, however, in the end it is up to the insurer to make this decision.
The amount paid on monthly premiums largely depends on the type of insurance protection and the value of the animal. The main types of insurance are veterinary fee cover, death and permanent loss of use. Theft, public liability, personal accident, tack and trailers may also be covered in the policy.
Types of insurance:
- Veterinary fee cover:
This cover pays for non-routine vets bills except for an excess which varies that you must pay. The amount that the insurance company will pay varies with each policy as they have different degrees of cover for different budgets. The cost of this cover will also increase if the animal is worth a lot more and is in higher level of competition. Some policies will still have restrictions for certain diagnostic and alternative treatments so it is important to read the policy carefully to see exactly what the cover includes.
Many insurance policies for vets fees will exclude all incidents that haven't been caused by accidental external and visible injury.
Before any treatment is initiated on an animal, unless in an emergency situation, the vet should give you an approximation of the cost so that you can get the go ahead from your insurance company and to check that there are no exclusions for this condition. The insurance company should also be contacted before any referral or surgical procedure is performed.
The insurance company will either pay the veterinary practice direct or pay you to then settle the bill with the vets. There have been cases of people being paid by the insurers and then not paying the vets. To prevent this most policy's now state that the claim is only valid once the vet has been paid.
- Mortality:
This insurance pays the value of the animal following euthanasia. To qualify for this the horse must fulfil the British Equine Veterinary Association's guidelines for destruction on humane grounds. In these cases the horse must have an illness or disease that is so severe it requires immediate destruction to alleviate the pain and suffering and that no other options of treatment are available. This allows the veterinary surgeon to be able to act quickly in an emergency situation to prevent suffering to the animal. For other situations, when the horse can be given effective pain relief or other relevant treatments, the insurance company should be contacted to get prior consent. The insurance company may send out another vet for a second opinion before they allow the animal to be put to sleep. If after this an agreement between the two vets cannot be reached a third opinion can be sought to settle the issue.
Once the horse has been put to sleep most insurance policies require a post-mortem. It is very important to check this as if the animal is disposed of without the insurers may refuse to pay out. If a post-mortem is required the veterinary surgeon should simply identify the animal and confirm the reason for euthanasia.
If the animal has died before the vet can get there the rules about a post-mortem still apply if the animal is insured for mortality and is usually required.
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Permanent loss of use:
This covers the horse if it becomes permanently incapable of performing the tasks it was insured to do. This varies between policies. This insurance does not cover for loss of value, behavioural problems, temporary incapacity, etc.
Once all treatments have been carried out, usually for 12 months, and the horse is deemed to have permanent loss of use the insurers should be contacted immediately. They will usually arrange for the case to be reviewed by their veterinary adviser. The veterinary adviser can either agree and the claim can be settled promptly or may wish to have a second opinion or may offer help in treating this animal.
Once the claim has been agreed the owner will usually have the choice of keeping the animal in retirement or having he/she euthanased. If the horse is kept in retirement they are freeze marked with an 'L' within a circle.
Vetting
If a pre-purchase vetting is performed all details should be sent to the insurance company.
The insurers will insist on a five-stage vetting, with accompanying x-rays for horses of higher values other animals will either require only a two-stage vetting or none at all depending on the age, type, value of the horse and the type of cover required. If you need to know whether your horse will require a vetting to be insured it is best to contact the insurance company direct.
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Lameness
