While champion dressage horses, high-profile showjumpers, and successful race horses regularly carry large equine and livestock insurance policies, how necessary is it to insure your casual trail horse or kid’s pony? While insuring an asset as precious as a horse makes sound financial sense, the number of equine insurance plans out there can be overwhelming. Beyond the normal life insurance and major medical policies available, there is also liability insurance for trainers, fertility insurance for stallions and broodmares, international transit coverage, and even insurance for tack and other high-dollar equipment.
To make the most informed decision about the best insurance policy for you and your horse, here are three of the most popular types of equine insurance.
Mortality
While it’s a terrible thought for most horse owners, mortality insurance reimburses you for the insured value of your horse upon its death. Most mortality policies cover many possible causes of death, including not only natural causes but also fatal injuries from accidents, fire, flooding, etc. Note that most policies also cover theft.
Medical and Surgical
Medical and surgical insurance covers treatment for illnesses and injuries. Typically, the coverage begins with the initial diagnosis and pays for medications, surgery, and postoperative care, including physical therapy. Medical and surgical policies often do not cover routine care such as checkups, dental treatment, or vaccines, nor do they cover elective surgeries or alternative therapies such as acupuncture.
Loss of Use
Loss of use insurance protects you if your horse is injured or becomes too ill to perform its intended function. Loss of use policies pays a predetermined amount when it is verified the horse cannot perform. These policies tend to be reserved for performance horses competing at advanced levels; obtaining loss of use coverage for recreational animals isn’t likely.
Whoever said dogs were man’s best friend obviously didn’t have a horse. All horse owners want the best for their loyal friends and trusted companions. However, many of us also rely on our horses for our livelihoods, and we need to protect ourselves in the case that the unthinkable should happen.
