Equine Matters Spring 2019

08 Equine Matters Spring 2019 Equine insurance Do I need to insure my horse? When making your decisions about insuring your horse you should carefully consider the reasons why you want it and what type of cover you may need. Remember on average you may spend more on your policy than you actually receive back in claims, however it is the peace of mind that you are financially covered if something unexpected happens. Public liability insurance is essential. It is inexpensive, yet if your horse injured a member of the public, it could cost millions. Some organisations such as the British Horse Society often include a level of insurance cover within the membership package or you may be covered within your own house insurance. With other types of insurance there is more to consider. Think about what is important for you and when you might find an insurance pay-out most helpful. For example, if the monetary value of your horse is high and the horse is an investment, all-risk mortality and loss of use cover can be very important. Policies covering veterinary fees may be more useful when the cost of unexpected treatments and investigations are more of a concern, especially when fees can run into the thousands. ‘Do I need to insure my horse, what are the options, and will the insurance company pay out?’ These are three of the common questions we hear as vets. In this article we look at equine insurance in more detail. Equine insurance explained ‘When making your decisions about insuring your horse you should carefully consider the reasons why you want it and what type of cover you may need’. Robert Peckham BVM BVS MRCVS Paragon Veterinary Group Types of insurance l Public Liability Insurance This covers claims against yourself for any damage that your horse may cause to another person. l Loss of Use This covers the value of a horse if it is unable to be used for its insured purpose as a result of an injury or disease. l Catastrophe Insurance This is a type of vets’ fee insurance which only covers serious conditions, such as wounds, colic and septic joints. l All-Risk Mortality This covers the value of a horse if it dies or has to be put down from a severe injury or disease and needs immediate euthanasia for a condition which meets the British Equine Veterinary Association (BEVA) guidelines for immediate destruction. l Vet fees This covers a horse for veterinary treatments up to a specified limit. Cover is often limited to twelve months from the start of a condition being claimed for.