quired on foals six months of age or less and horses older than eighteen can be covered with named or specified perils endorsements , which cover death caused by specific listed risks , typically fire , lightning , trailer accident , and theft .)
The value Debbie , set for our example horse , we ’ ll call him Champ , is $ 10,000 . Debbie set the premium for mortality and major medical for the year at $ 665.00 . Medical expenses up to $ 7500 per incident are covered .
The Horse Comes First
This means your first call when your horse is injured or sick should still be to your veterinarian , then once your horse is being treated your second phone call is to the insurance carrier .
With each incident there might be fees or procedures that are not covered under your policy , so it ’ s a good idea to confirm that with your agent ahead of time so there are fewer surprises when the bills come in .
Most agents work hand in hand with veterinarians and clinics to confirm procedure costs are covered and that your horse is getting the best of care . Your vet will correspond with the insurance adjuster who is handling the claim . Vet bills are still filtered through and paid by the horse owner and then submitted to the insurance carrier for reimbursement .
Horse owners do have the responsibility to comply with policy wording- meaning the horse must receive proper care and treatment for any injury or sickness . Reporting any accident , sickness or disease is the responsibility of the horse owner , even if the care or treatment is given at home without the direct care of a veterinarian . Case in point- a founder episode that the owner treats themselves should be reported to the insurance company as non-disclosure of the ailment could potentially void the insurance contract .
Mortality and Major Medical
Mortality is somewhat comparable to human life insurance , covering death caused by accident , injury , or illness . There are many types of equine policies that cover prospective foal / unborn foal insurance to barrenness , loss of use , surgical operation , and stallion permanent disability , to name just a few .
Premiums start at just $ 200 for major medical so the rates are affordable . Mortality policies cover death from accident , injury , disease and theft and also include colic surgery coverage at no additional cost .
You ’ ll need to be sure you ’ ve disclosed all the activities you may do with your horse . If you say he just does horse shows and he dies as a result of a jumping accident , you may not be covered .
Be aware there may be extra expenses if your horse dies . Most policies necessitate a veterinary death certificate and proof of a postmortem exam . These expenses , as well as the cost of body removal , are your responsibility unless your policy states otherwise . ( some carriers pay up to $ 500 of this expense ).
You can also opt for a “ surgical only ” endorsement . These cover operating-room surgical charges and aftercare medical fees and specify a very small ( about $ 50 ) to no deductible with a reimbursement cap of $ 5000 each year . Adding a surgicalonly endorsement to a mortality policy is estimated between $ 100 and $ 150 .
Major Medical Insurance can be added to your mortality policy that will cover medical and surgical procedures required to treat illness , injury , or disease . Covered expenses may include colic surgery , laceration suturing , anesthesia , hospitalization , x-rays , lab tests , and medications . For each injury or illness claim you make , you must pay a deductible , typically between $ 150 and $ 500 . The total amount of medical expenses the company will reimburse you for in one year , called the annual aggregate limit , can range from $ 5000 to $ 15,000 , again depending on the policy you choose and the value of your horse . Be aware , you can add major medical coverage to your mortality policy , but you cannot just have major medical as stand alone coverage .
The Bottom Line
So our horse , Champ , spends a little over six weeks at the vet clinic . His eye is medicated 6 times per day , he is hand walked each day and is kept in a darkened stall with a horse friend next to him . He receives round the clock special care and bonus ; he even looses a few pounds while he ’ s there .
The eye is saved with just a slight white scar across the pupil which should slowly shrink with time .
All that remains is the empty space in our wallet . With no insurance the approximate out of pocket expense would be almost $ 10,000 !
Debbie at Asset Insurance reviewed our extensive equine hospitalization bill and as expected , most of the out of pocket costs would have been covered . If Champ had been insured and if all expenses were approved to be paid under the $ 7500 major medical policy :
Total covered Vet expenses would be $ 7,571.05
Yearly Deductible $ 300.00 Insurance Net payment $ 7,271.05
Lesson learned and duly noted that insurance is an affordable way to protect not only the equine lives we love but our pocket books as well .
Asset Equine Insurance was a proud sponsor and vendor at the 2016 AMHA World Show . Based in Pilot Point , Texas they insure equines and their people with nation-wide coverage . Specializing in all types of equine related businesses including Clubs , Associations , Farriers , Farm & Ranch , Pet Insurance and Trainers Liability . Find out more about them at : www . assetequine . com
DECEMBER 2016 Miniature Horse World 43