Coverage for death resulting from accident, sickness, disease, humane destruction and theft. (summary pdf)
Full Mortality is a form of life insurance on your horse. It will cover you if your horse dies from accidental causes, sickness, disease, humane destruction and theft. In addition, some insurance companies now include coverage for Emergency Colic Surgery with a limit of $2500.-$3000. at no additional cost.
Most insurance companies will allow you to insure your horse for at least the amount of your purchase price. This amount can normally be increased based on the horse’s show, performance or breeding record while under your ownership. The insurable value for breeding stallions is usually based on a formula of number of mares bred, times his stud fee, times a factor of 3. Homebred foals can be insured after they are 24 hours old and the insurable value is determined by the sire’s stud fee times 3. All of our companies now issue policies on an Agreed Value basis, which means that if the insurance company accepts your valuation of the horse then that is the amount you will be paid in the event of a claim.
The rates for Full Mortality coverage are based on the breed, age, use and value of your horse. For most horses the rates usually range from 3%-5.5% of the insurable value. When you call our office we will give you the specific rate and premium for your horse.
Some insurance companies now offer a Guaranteed Renewal option. This means that if your horse has a potentially life threatening situation due to an accident, sickness or disease during the current policy year but does not die, the insurance company will renew your policy for another 12 month period and include Full Mortality coverage for the specific situation that is affecting your horse. The cost for this coverage is usually about $30. per year.
The following are some helpful hints if you do insure your horse:
Keep the Emergency Claim number (that comes with your policy) in a convenient place. We suggest one in your home or barn and one in the vehicle that pulls your trailer.
If your horse becomes sick or hurt and requires veterinary attention, ask your veterinarian if the situation could be potentially life threatening. If the answer is yes, call the Emergency Claim number and report the incident.
Keep your horse’s worming, farrier and vaccination program on schedule. An ounce of prevention...
After a $250-$325 per claim deductible, this coverage pays most veterinary medical and surgical expenses up to $5,000 or $12,500 per claim. (summary pdf)
Major Medical coverage is a form of health insurance on your horse and is purchased as an addition (endorsement) to the Full Mortality policy. Coverage applies to medical or surgical treatment, including diagnostic procedures, performed by a licensed veterinarian as a result of accident, sickness or disease.
Note: Some insurance companies may limit the amount they will pay for certain procedures. Depending on the insurance company, this coverage is usually available with annual limits of $5,000, $7,500, $10,000, or $12,500. Again, depending on the insurance company a per claim deductible ranging from $250 – $325 will apply. Depending on the coverage limit that you select, or are eligible for, the annual premiums will range from $200 – $450 per horse. Horses between the ages of 30 days and 15-16 years, depending on the insurance company, are eligible for this coverage.
The following are some of the things not covered by Major Medical insurance:
After a deductible, Surgical Expenses Only coverage covers up to the amount of coverage purchased of surgical expenses incurred to save the life of a covered animal when the surgery is required as a direct result of a covered accident, sickness or disease. (summary pdf)
If selected as an optional coverage and attached to the policy, Surgical Expenses Only covers up to $5,000 of surgery expenses incurred to the life of a covered animal when the surgery is required as a direct rescue, a covered accident, injury, sickness or disease.
Will pay 60% of the insured mortality value if your horse becomes totally and permanently unfit to perform its use as specified in the policy. (summary pdf)
Loss of Use is a form of permanent disability insurance on your horse and is available as an addition (endorsement) to the Full Mortality policy and Major Medical policy. This coverage is only available on performance horses, i.e. halter horses and breeding stallions (see below) are not eligible, and would apply if your horse becomes totally and permanently unable to perform his intended use as shown on the policy due to accident, injury, sickness or disease but the condition does not necessitate destruction for humane reasons.
Most insurance companies offer limits on Loss of Use coverage from 50-75% of the Full Mortality insurance value, i.e. if your horse is insured for $10,000. for Full Mortality, your Loss of Use limit would be $5,000.-$7,500., depending on the insurance company.
NOTE: Some insurance companies policies state that when they pay a Loss of Use claim they become the owner of your horse, or if you agree to a lower claim payment amount, you can keep the horse. At Star H Equine Insurance, our lead company offers Loss of Use Coverage with a 60% payment and you get to keep your horse. If you are considering Loss of Use coverage, be sure to discuss the claim payment procedure with your agent.
The rates for Loss of use coverage usually range from 2.5%-3.5% of the Full Mortality value. In addition, to get this coverage a Veterinarian Exam is usually required, to include x-rays of the front feet and hocks. Coverage is usually available for horses ages 1-16.
STALLION INFERTILITY. As mentioned above, breeding stallions are not considered performance horses and therefore are not eligible for Loss of Use Coverage. However, coverage is available to insure the breedability of your stallion. It is called Stallion Infertility and covers you if your stallion becomes permanently unable to breed due to accident, sickness or disease. The rate for this coverage is usually .75-1.00% of the Full Mortality value and the claim payment amount is usually 100% of the Full Mortality value.
Will pay 100% of the insured mortality value if your breeding stallion becomes permanently unable to breed because of an accident, sickness or disease. (summary pdf)
Breeding stallions are not considered performance horses and therefore are not eligible for Loss of Use Coverage. However, coverage is available to insure the breedability of your stallion. It is called Stallion Infertility and covers you if your stallion becomes permanently unable to breed due to accident, sickness or disease. The rate for this coverage is usually .75-1.00% of the Full Mortality value and the claim payment amount is usually 100% of the Full Mortality value
Death due to certain types of accidental causes such as fire, lightning, transportation, etc. (summary pdf)
This policy provides coverage for the death of a horse due to certain types of accidental causes. Death due to any sickness or disease will not be covered. The following is a list of the accidental causes covered by the policy:
D. Collision or overturn of a vehicle transporting the horse.
I. Objects falling from an aircraft
J. Accidental shooting
M. Attack by dogs or wild animals
N. Collapse of a building
O. Theft, excluding mysterious disappearance.
The rate for this coverage is 1.25% of the value of the horse subject to the policy minimum premium of $150. A Vet exam is not required to obtain this coverage. Because this is coverage for accidental death only, Major Medical and Loss of Use coverages cannot be added to this policy.