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Is Equine Insurance Necessary?

The short, and only, answer is YES! What would you do if your horse became ill, seriously injured -- or worse -- had to be euthanized? Are you prepared to be saddled with a stack of veterinary bills? Are you prepared to lose your entire financial and emotional investment?

Equine insurance should be included as part of any investment strategy to ensure additional costs are covered.

Types of insurance available to horse owners include the following:

• Full Mortality: This type of coverage is equivalent to life insurance for your horse. It provides death and theft coverage on a broad perils basis, including accident, injury, illness and disease. Policies are written on an annual basis and premiums are based on the horse’s age, breed, use, and insured value.
   
• Major Medical: This form of equine health insurance is purchased as an additional endorsement to the Full Mortality policy. It helps cover veterinary expenses (medical and/or surgical) if the horse suffers an injury, illness, accident or disease. Annual policy limits range from $7,500 to $15,000.
   
• Emergency Colic Surgery: This coverage provides for the cost of emergency colic surgery on qualifying horses with no history of colic/ gastrointestinal disturbances. Policy limits vary by underwriting company ranging from $3,000 to $5,000.
   
• Loss of Use: This form of insurance provides coverage in the event your horse becomes incapacitated due to a debilitating injury or disease that does not warrant euthanasia, but the animal can no longer be used for its intended purpose. This coverage has an additional application and premium required.

In setting an insurance value on a horse, the standard of value used to insure your horse is the fair market value. Fair market value is defined as the amount the horse would be purchased by a willing buyer and sold by a willing seller at the time of loss. If you have recently purchased your horse, generally the purchase price is considered fair market value. If your horse is not a recent purchase but has been in training and shown successfully, then you may request for an increase in value pending approval. Your horse’s value also affects the amount of medical coverage you can receive. Most carriers will not issue major medical coverage unless the horse is insured for $15,000 or more.

Owning a horse is not only a considerable financial investment, it is an emotional investment as well. The price you pay to not only protect your investment but to gain assistance in the event your horse needs medical attention is small compared to the peace of mind you gain. At Equidae Insurance, we are as passionate about horses as you are. Our extensive knowledge of horses and their owners allows us to better assist you in your insurance needs.

For more information, contact us direct at: Equidae Insurance, Inc. 608 Virginia Street East, Suite 302 Charleston, WV 25301 p. (304) 346-1198 f. (304) 345-3535

Stacey Halloran, Agent
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