Insurance Questions
‘You’re only as good as your agent’
No matter who you choose to insure with, make sure they are able and willing to answer your questions promptly and clearly. Crucially, be sure that they provide you with a binder as proof of coverage until the actual insurance policy is delivered to you.
Most importantly, find an agent who is also an experienced horse person—someone who knows combined driving from combined training as well as a hock from a hole in the ground. You want someone who understands your passion.
What is Horse Insurance?
The concept of insurance is to pay a fee to an insurance company to transfer the risk of a potential loss to them. The fee you pay is much less than the amount the company agrees to pay you if such a loss occurs.
If you cannot afford to replace your horse or cover the costs of veterinary care in the event of a serious illness or injury, insurance can help mitigate your risk. For many of us, our horses are like family, and we want to ensure we can provide them with the best care regardless of financial considerations.
Even if you have the funds to cover these losses, you may still choose to invest in insurance premiums to avoid tapping into your savings.
What do you look for when choosing your Insurance Agent?
Look for an insurance agent who is responsive, trustworthy, and answers your questions promptly and clearly. It’s important to find someone who understands your passion for horses and is knowledgeable about equestrian disciplines.
When do I need to call my Insurance Agent?
Notify your insurance company if you have a veterinarian visit for any reason other than routine maintenance. Even if you think the incident is minor, it’s important to provide notice. Most insurance companies have 24-hour notification services, but in emergencies, contacting your veterinarian should be your priority.
What are exclusions?
Exclusions refer to known health risks or pre-existing conditions that may be excluded from your coverage. If your horse has a history of certain conditions, the insurance carrier may choose to exclude coverage for those specific problems. It’s important to be honest about your horse’s medical history when obtaining insurance.
Not all exclusions are permanent, so keep your agent informed about your horse’s health.
What is my horse’s current market value?
Mortality insurance policies are based on the “current market value” of your horse, as determined by the insurance carrier. If you recently purchased your horse, the value is established based on the purchase price.
In other situations, such as when you have a horse in training, keep your agent informed about the horse’s training level and show record. The current market value can change over time based on the horse’s performance and training.
If your horse does not have a purchase price, perhaps it’s a horse you bred or received as a gift, your insurance agent will ask detailed questions to help determine its market value. There are times when the price cannot be determined, if this is the case, it is possible we will not be able to insure the horse.
“The Taylor Harris team is great, they know horses and insurance, and they’ve been a great partner to me.”
–Jennifer Berger, CEO and Owner, Phelps Media Group
What happens in the case of a horse’s death?
Promptly notify your insurance company in the event of your horse’s death.
Do not dispose of the horse until an adjuster agrees. The owner is responsible for the necropsy costs. Veterinary teaching hospitals and state departments of agriculture often provide this service.
What if I want to insure my horse for a buyer’s trial period?
If you are sending your horse on a trial to a potential buyer, it is possible to purchase a short-term insurance policy for the duration of the trial. This is only possible if certain requirements are met, which we are happy to talk you through. If your horse is already insured, the policy will still cover him while he is in someone else’s care (within the U.S. and Canada, unless territorial limits apply).
What if I recently bought a horse overseas and want to insure it immediately?
Contact an insurance agent who can help you write a policy that covers your horse from the time of purchase, including coverage while overseas and during transit, as well as coverage in the U.S. and Canada.
What if my horse is competing abroad?
Most insurance policies only provide coverage when the horse is in the U.S. or Canada. However, your agent can help you select a plan that extends coverage for international trips if needed.
What specialized policies are available?
We can also provide insurance for specific circumstances, such as expected foal insurance; guaranteed live foal insurance (insuring a mare and foal during pregnancy and foaling); infertility insurance and loss of use insurance (covers loss in value if a performance horse becomes unable to compete). All specialized insurance policies have specific requirements that must be met in order for a policy to be issued, and in some instances our underwriters might not be able to provide specialized policy coverage.