With the cost of insurance policies increasing, it is important to make sure you are getting good valve for money with your insurance and making sure you have the correct amount of cover to suit your needs.
There are many different types of cover, but the main ones include insurance against mortality, loss of use, third party liability and cover towards veterinary fees.
The American Association of Equine Practitioners have set out some guidelines to help you ensure you get the right policy for your needs.
KNOW YOUR POLICY insurance policies are legal contracts between the underwrite (the company) and the insured (horse owner). To better safeguard yourself and horse you should:
Define your needs
1 Make a list of questions to ask your insurance agent or company.
2 Read the contract thoroughly before you apply for coverage.
3 Ask the insurance rep to explain any words, phrases or provisions you do not understand.
4 Know your responsibilities. What is required should your horse become ill, injured or die?
5 Understand any specific guidelines for emergency situations.
A crisis is not the time to be trying to interpret your policy's fine print or to look for contact numbers.
6 Discuss the renewal process with your insurance rep and understand what effect claims have on renewal, possible exclusions remain in place. Common claims make include colic (medical versus surgical) lameness, gastric ulcers and other medical conditions.
7 If euthanasia is recommended, know what steps need to be taken in order for a claim to be valid.
8 Comparison shop. Cost should not be the sole consideration, as buyers should consider the longevity and reputation of the agency and the insurance carrier, as as their experience with horse insurance.
By, Gemma Lamble BVSc MRCVS