By Laura Connaway of Connaway & Associates Equine Insurance Services
In addition to being our companions and competition partners, horses are a significant financial investment. Insuring your horse is a great step toward protecting your financial investment. Even with the best of care, accidents, illnesses, injuries, and diseases can happen. It is important to know your policy and the reporting requirements before you need to file a claim.
Shared Risk, Shared Responsibility
When an insurance company accepts the risk of insuring your horse, they share the financial risk of horse ownership with you in exchange for the premium. The insurance contract/policy outlines the responsibilities of both parties involved: the insured (the horse owner or lessee) and the insurer (the insurance company or carrier).
Your insurance carrier requires you to notify them of changes in your horse’s condition, such as accidents, illnesses, injuries, diseases, or incidents that require non-routine veterinary care. If the event is minor, you can file an “incident only” report. By reporting these changes, you are doing your part to apprise the insurance carrier of the change in condition.
If the incident does not resolve and requires more care, it can progress to a claim. If an accident, illness, injury, disease, or non-routine care is not reported to the insurance carrier within the reporting period noted in your policy, your coverage may be compromised.
Notification is also required for elective procedures or surgeries such as gelding. The procedure date must be provided to the insurance carrier before any elective surgery. Additional coverage may be available to add to your policy, such as coverage against the risk of anesthesia. Failure to notify the insurance carrier prior to elective procedures or surgeries may result in a denial of a mortality claim.
In the event of a medical emergency, contact your veterinarian immediately and proceed with lifesaving care. Then contact your insurance carrier’s 24/7 claims adjusting service.
What To Expect When Filing a Medical Claim
Filing a medical claim begins with notification of the illness or injury. The insurance adjuster will request contact information for each treating or referring veterinarian. Each veterinarian will then receive a report to complete regarding the illness or injury, which they return directly to the adjuster. Depending on the claim, a full medical history may be required.
Once the reports are provided, an onset date is established. The onset date is important because it confirms that the condition falls within the policy term and that the incident was reported within the policy reporting period. The adjuster cannot confirm coverage for a claim until it is determined that the onset of the condition falls within the policy reporting period.
If the worst happens and your horse is gravely ill or injured and euthanasia is being considered, you must contact the insurance carrier prior to euthanasia. Do not euthanize your insured horse without insurance carrier authorization, or you could forfeit coverage under the policy.
If euthanasia is authorized, a necropsy is required. If your horse is found deceased, contact the insurance carrier as a necropsy is required. In the event of theft, shooting, or vehicular involvement, contact the police as the claim adjuster will require a copy of the police report.
What To Expect When Filing a Full Mortality Claim
When an insured horse dies, the responsibilities of the insured include providing proof of ownership and proof that the horse died from a “covered cause of loss.”
Documentation used to satisfy these requirements includes:
- Proof of ownership/purchase documents such as the bill of sale, passport, and registration papers are required. You will also need proof of payment (for example, proof of a wire transfer). If the horse is a homebred, keep records and proof of payment for the stud fee, as well as any professional training. You should also keep your horse’s show and/or breeding records on file. Having a file with all the necessary documentation on hand will help make the claims process as smooth as possible.
- Proof that your horse died from a “covered cause of loss” comes from the necropsy report. The claims adjuster will also request medical reports and possibly the horse’s full medical history from the treating veterinarians.
As the horse owner or policy holder, it is your responsibility to notify the insurance carrier sharing the financial risk of horse ownership with you of any changes in your horse’s health or condition and to follow all reporting requirements. It is also important to keep a file of all documents that will be needed for a Medical or Mortality claim. If you have any questions, contact your insurance agent, and they can assist you with the claims process.
Connaway & Associates Equine Insurance Services offers expert guidance on all aspects of horse insurance, ensuring tailored protection and peace of mind for every equestrian need. To discuss your requirements, contact Connaway & Associates on (501) 868-8084 or visit https://www.connaway.net.
