Just as you insure your car and home, there is another valuable asset you should consider protecting with insurance - your horse. As a horse owner, you likely have experienced the personal rewards that caring for a horse brings, but it's important to ask yourself whether the loss of your loved animal would create a financial burden for you and your family. Equine mortality insurance guarantees that the significant time and money you have invested in your horse will remain protected.
What is it?
From equine liability to farm property insurance, there are many types of insurance applicable to horse and farm owners. Equine insurance is the type of coverage that functions as a life insurance policy for your horse. Protecting against perils such as lighting, fire, colic, fractures, transportation, artificial electricity and theft, this insurance reimburses you for the death, theft, or humane destruction of your horse. In the unfortunate event of your horse's passing, resulting directly or indirectly from an accident, illness, or disease, insurance will provide coverage.
The Importance of Investing in Equine Mortality Insurance
Although your horse and his/her sentimental value may be irreplaceable, the importance of insurance lies in its ability to help ease the pain involved in the death or theft of your loved horse by guaranteeing financial stability. Considering the emotional burden that results from the loss of a loved animal, it would be devastating to suffer from a financial disaster as well. A simple, affordable and accessible solution, equine insurance protects you from the possibility of financial devastation resulting from the loss of your horse.
Determining the Horse's Insurable Value
Since equine mortality provides coverage for your horse's life, you may wonder, "How does an insurance company determine my horse's value?" Your horse's insurable value is based on the actual cash value at the inception of the policy. This value may be substantiated by way of the purchase prize, performance records, prize winnings, value of your horse's offspring, stud fees, or appraisal by an authenticated professional. It's possible to increase the value of your insured horse during the policy year, provided that you show documentation to prove the increase in value, as well as your horse's current health information. Loss of profit, replacement cost and sentiment are not accepted as part of this insurable value. When determining the cost of the premium, this insurable value, along with your horse's age, breed and use, represent significant factors.
Is My Horse Eligible?
Fortunately for horse owners, the eligibility requirements for insurance are quite flexible. Horses as young as 24 hours and as old as 20 years qualify for this type of coverage. Considering that your horse must be sound, healthy, and capable of performing his/her intended use to be eligible for equine mortality insurance, a Veterinary Certificate or Owners Statement of Health must accompany the owner's application.
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