Life and Health Insurance for Horses

Mortality Coverage:  Life Insurance for Horses

You might own a life insurance policy, the purpose of which is to help provide for your family or beneficiaries in the event of your death. An equine mortality policy is similar: If your horse dies or has to be euthanized, the policyholder receives the amount the horse was insured for, which is considered to be the current value of the horse. The price you paid for your horse establishes his value; if you can provide proof that his value has increased, the insurance company can allow you to increase the policy amount to cover your horses newly stated value. Proof can be competition records showing his achievements, extensive training records (especially for young/ unbroken or green broke horses) or a recent appraisal.

 

Photo Credit: Claire Almendinger

Mortality insurance gives the horse owner the added assurance that in the event the horse needs to be euthanized or dies on its own that the money you have invested in it will be returned, either for a new purchase or just to recoup the loss of the horse and the money invested in it.

The premium or cost to insure the horse is set by an annual premium. The annual premium is typically between 3-8% of the horse’s value. If the horse is valued at $10,000 the annual or yearly premium will be $300 at 3% or $800 at 8%. Premiums depend on certain factors such as age, breed, the intending use of animal. Racehorses will cost more to insure than say a dressage or pleasure horse due to the chances of injury are far great for a race horse.

Major Medical and Surgical Coverage: Health Insurance for Horses

The point of major-medical coverage is to reimburse the policyholder for veterinary costs incurred in the process of diagnosing and treating illness or injury, including surgery. The horse can be examined and treated at home, at a veterinary clinic or hospital, or both. Surgical coverage is not just for surgeries. The name actually refers to the fact that covered charges must be incurred at a surgical facility. As a result, unless you happen to live next door to a clinic or hospital, a surgical endorsement is likely to be more limiting than a major-medical endorsement, which is why it should be added with Major Medical and not a stand-alone endorsement.

Photo Credit: Claire Almendinger

Other Types Of Coverage: Stallions, broodmares, foals. Importing/exporting horses

You can buy infertility insurance to protect against the stud-fee income you won't collect if he experiences a decline in fertility due to injury, illness, or age or if he is infertile.

Foal policies can be expensive but if you are expecting a valuable foal this may be the route to choose especially if your breeding contract doesn’t come with a live foal guarantee. There are different policies that follow the foal from birth to 24 hours, then from 25 hours up to 30-45 days old. After this time the foal must be issued a standard mortality policy if you wish to keep it insured.

Loss-of-use coverage is a permanent disability endorsement/ coverage that compensate the policyholder/ owner in the event that his or her horse becomes unable to perform in his intended discipline. For example a show jumper tears a ligament and can no longer jump again. Some of these policies contain language stating the insurer can opt to take possession of the horse (as fraud protection).

Air-transit coverage protects against loss during air travel, including import or export between the United States and a foreign country. So if you are looking to purchase a horse from another country this may be something to look into.

There are many options to choose from when it comes to insuring your equine companion. Could you afford to replace your horse out of pocket in the event of a total loss? If your equine friend needed costly surgery could you afford the vet bills, surgery, transport, and after care that would incur? If your show horse were injured beyond its normal use and could no longer perform could you afford to buy another horse to take its place?

Questions: Bonnie Foord at the MVP Insurance Agency 740-966-3180 bonnie@themvpagency.com

Referenced website: http://www.thehorse.com/articles/28179/equine-insurance-risk-management

Do you share your opinion online via social networking?

Do You Need a Personal Injury Endorsement on Your Homeowners’ Insurance Policy?

August 12, 2010by EINSURANCE

 

Just when you thought you had it all covered, along comes a new risk exposure! This time, it could be something as seemingly innocuous as your teenage kid upstairs tweeting about a classmate. Believe it or not, you could be one nasty slanderous 144-character tweet away from a costly personal injury lawsuit…unless you have a personal injury endorsement on your homeowner’s or renter’s insurance policy.

Think your standard homeowner’s insurance policy covers personal injuries? Think again. Standard homeowner’s coverage has your back for bodily injury and property damages that don’t involve an automobile or aren’t business-related.  (Note:  some HO-5 level homeowner’s policies do include PI coverage as standard-issue, but unless you have an extremely high-end piece of property, you probably don’t have HO-5 level coverage.)

However, the typical homeowner’s insurance policy does not cover personal injury issues – which can include stuff like false arrest, wrongful eviction or entry, invasion or violation of privacy, and yes, slander and defamation. But add a personal liability endorsement, and your homeowner’s coverage extends to any emotional damages you might be sued for. Typically, such an endorsement will also pay the legal costs of defending yourself in the event of a law suit.

Be advised that a personal injury endorsement does not give you license to say, write or post nasty stuff about other people. Like all insurance, a your pi endorsement will likely have a list of exclusions and limitations attached to it. It may not extend to business  or non-personal activities, for example, such as posting a derogatory comment on your home business website or hobby-related blog. Intent matters, too. If you knew what you were doing was wrong or inaccurate, your personal injury endorsement may not cover you. Ditto on any activity that is flat out illegal. And, like all insurance, personal injury endorsements only cover activity that occurred after the policy went into effect and while the policy is in effective . Coverage isn’t retroactive and it ends the day your policy expires.

 In the realm of costs, a personal injury endorsement is a cheap addition to your homeowners’ or renter’s policy – unlikely to add more than a few dollars a year to your premium. 

If you work with horses, do you know how you are covered?

Could you pay out of pocket $50,000 for a horse that was injured or died in your care? How about the legal fees that come with it?

Do you board horses? Give lessons? Offer a training program? Offer breeding or foaling? If you offer any of these services to someone you need Care, Custody and Control insurance. Care, Custody and Control essentially covers you in the event the third party (boarder, training horse etc.) becomes injured, stolen or dies while in your care. The insurance would pay the amount the horse is valued at to the third party on behalf of you. Could you afford to pay a third party $10,000 to $100,000 for their horse if it should die while in your care? The insurance typically pays for damages to horses and defense costs for suits brought against you. Premiums are usually based upon the average number of horses in your care. Care, Custody and Control also covers you if a horse is injured during incidental transit (hauling) of horses. “Incidental transit” is usually defined as 6 trips of 150 miles or less per year. The mileage restriction can usually be eliminated for an additional premium. Care, Custody and Control is highly recommended for Trainers as there are multiple ways a horse can get injured during the course of a  training program and while showing. In the event of a loss or tragedy you shouldn't be worrying about how you're going to pay out of pocket for everything, get Care, Custody and Control insurance and get back to doing what you do best, offering a great service to happy equines.

Talk with Bonnie about your Equine Operations! 740-966-3180

Custom Insurance for Horse Owners

We don't just insure the stable, we insure a way of life!

Custom Insurance for Horse Owners

High winds whipped up by a late summer thunderstorm shear off a portion of your barn roof. The driving rain pours into the barn, causing extensive damage and shorting out the electrical system. Thankfully, your horses are unharmed, but do you have enough insurance to cover both the repairs and the cost of stabling the animals elsewhere while repairs are made?

Many owners of horses or businesses involving horses assume that standard homeowners insurance will adequately cover them in such situation. A typical homeowners coverage will not provide for your horses. Your needs as a horse owner are unique. At the MVP Agency we work with you to make sure you have appropriate coverage for your situation, at the most reasonable price.


No matter if you own a horse for pleasure, or a number of horses for competition; run an equine operation such as those for breeding, boarding or training horses; or use your horses on the ranch, farm or just in the backyard, we can provide a broad range of equine coverage options and endorsements to keep you protected.

• Stable liability - coverage for stable owners' operations
• Care, Custody, and Control - covers livestock which is in your care, custody, and control
• Equine Professional Services - liability for trainers, property damage for non-owned horses
• Equine Property Endorsements- tack, equipment, spoilage of animal health products, signage, fences, corrals, and pens

Teen Driver Safety Week

Some stuff to consider during National Teen Driver Safety Week!

MAJOR RISK FACTORS

Alcohol is involved in about 16 percent of fatal crashes involving 16- and 17-year-old-drivers.*
What causes the other 84 percent?

INEXPERIENCE

• About 900,000 U.S. teens report they were drivers in at least one crash within a 12-month period. That’s the wrong kind of experience.
• The right kind of experience involves a lot of supervised driving practice and then avoiding high-risk conditions for at least the first six months of driving alone.
• About two-thirds of fatal teen crashes involve driver error — making mistakes due to inexperience and distractions.

DISTRACTIONS

• Two or more peer passengers more than triples the risk of a fatal crash with a teen at the wheel.
• A driver who talks on a cell phone is four times more likely to be involved in a serious crash, regardless of whether it’s hands-free.
• Talking or texting on a cell phone while driving is dangerous for teen drivers because it takes their focus off the road.

SPEED

• Speeding is known to increase the likelihood of injury or death if a crash occurs. Teen driver crash risk increases incrementally with each mile per hour a driver goes over the speed limit.
• Speed is involved in approximately 38 percent of fatal crashes involving male drivers ages 15 to 20.
• Speed limits on the road were set for perfect driving conditions. Teen drivers need to slow down whenever it isn’t a clear, dry day with no other traffic on the road.

FATIGUE

• The effects of driving while tired are similar to the effects of drinking and driving.
• Teens are often tired from studying, extracurricular activities and early school start times.
• Three-fourths of teens report having seen other teens driving noticeably tired.
• Drivers younger than age 25 cause the majority of drowsy driving-related crashes.

THE FACTORS ABOVE CAUSE CRASHES. BUT WHAT KILLS?
NOT WEARING SEAT BELTS

• Two-thirds of teens killed in crashes were not wearing seat belts.
• Not buckling up is known to increase the likelihood of injury or death if a crash occurs.

teendriversource.org
The Children's Hospital of Philadelphia | Research Institute

Don't get left in the cold!

It's time to check your furnace before winter and avoid costly repairs in the future! 

Homeowners Equipment Breakdown Coverage

Protection for only pennies a day

Most homeowners often assume that the equipment in their homes that provides heating, cooling, and electricity are completely covered for breakage and repair under service warranties and service contracts. Unfortunately, in many cases these warranties and contracts do not provide sufficient coverage or may even be expired.
Pekin Insurance offers a Homeowners Equipment Breakdown Coverage endorsement which provides up to $50,000 of coverage for the accidental breakdown of permanently attached equipment. The annual premium for this coverage is a mere $20, and the coverage is subject to a $500 deductible per loss.

Service contracts and warranties are not enough

Extended service contracts and home warranties can leave you seriously lacking in coverages should a breakdown occur. Insufficient protection could easily cost thousands of dollars in repairs or replacement costs. Home warranties and extended service contracts are only intended for everyday maintenance. Equipment Breakdown Coverage from Pekin Insurance will protect you from larger and more costly losses.

Important permanently attached equipment in your home covered by a Pekin Insurance Equipment Breakdown endorsement:

• Central air conditioning
• Boilers and water heaters
• Furnaces, heat pumps, and sump pumps
• Permanently installed back-up generators
• Chair lifts and elevators
• Electric power panels
• Pool equipment
• Central vacuums
• Garage door openers
• Home security systems

Recently paid Equipment Breakdown claims by Pekin Insurance:

• The evaporator coil on an air conditioning unit cracked on the back side causing the system to lose Freon. The coil had to be replaced.
• The impellers and check valve in a well pump failed causing the well to lose pressure.
• An emergency generator failed when the plugs blew out of the engine allowing all the antifreeze to leak out and locking up the motor. The motor had to be replaced. A supplemental payment was made to move a fence to make this repair.
• A water heater liner cracked requiring replacement of the unit.

Going green for you and the environment

If you have need for our Equipment Breakdown coverage, we will pay the additional cost to replace the “covered” equipment with equipment that is better for the environment, safer, or more efficient than the equipment being replaced.

Garagekeepers Liability Coverage

GARAGEKEEPERS INSURANCE – 

WHAT ARE My CHOICES?

The Garage Liability policy is one of the most misunderstood types of business insurance policies. It is a unique type of policy and many seasoned professional insurance agents don’t really understand it well.  Attached to the garage liability policy, one often finds a coverage called garagekeepers insurance.  At the MVP Agency in Johnstown, OH we understand this form very well and hope to clear up some of the confusion about this policy type.

 The garagekeepers form is a coverage that can be added to the garage form and it allows for protection for the your clients vehicles, left in your care while you are repairing them.  This coverage includes both comprehensive and collision coverages for those vehicles.

 When purchasing this coverage, there are 2 more choices you will need to consider.  The first is the question of Direct coverage, verses Legal Liablity coverage.  If you purchase direct coverage, then your policy will pay the claims for collision and comprehensive coverage for your client’s vehicles whether you are at fault in the loss or not.  If you choose legal liability coverage, then these claims will only be covered if your repair or body shop can be found to be legally liable for the loss.  Of course the direct coverage will be a bit more expensive but you may choose it so that you can quickly pay the damages caused to any of your client’s cars. It may generate better client relationships too if you are paying the claim and not forcing them to file on their own personal auto insurance.

Get a Quote