Frequently Asked Questions
Below are answers to questions we are most often asked when discussing mortality coverage with our clients.
Q: How do I determine the value of my horse?
A: You can insure your horse for its Fair Market Value, (or less if you choose). Fair Market Value is considered the price a willing buyer and a willing seller would agree upon if your horse was to be sold today. If your horse is recently purchased (within the last 6 months) your purchase price can be considered your horse’s current insurable value. If you have owned your horse for more than 6 months and you can justify an increase in its value, the insurance company may allow you to insure your horse for more than you bought it for. Some factors that are used to justify an increase in value are: Training expense (not including board) for horses less than 4 years or less or for horses that have changed disciplines. Breeding fees – if a mare, and she has been bred since your purchase you can increase her value by the amount of the paid stud fee, If a stallion, valuation can be determined by the number of mares bred in one year and the stud fee charged. If your horse is being shown on a regular basis, a review of its show record by the insurance company may justify in increase in its value.
Q: What if I am leasing a horse and do not own it, can it still be insured?
A: Yes. We will need a copy of the lease agreement that shows what your responsibilities are as a lessee. The lease agreement should indicate the length of your lease, the name and address of the person you are leasing the horse from, and the value of the horse for the term of the lease. With this information we can determine who should be the Named Insured on the insurance policy and at what amount we could insure the horse for. Please note that additional Justification of Value may be required from the lesser in order to determine the proper amount to insure the horse for.
Q: Do I need to have a veterinarian examine my horse before I can get coverage?
A: That depends. If your horse is going to be insured for $25,000 or less, has not had any accident, illness, injury or disease in the last 24 months, is not used for racing or race training and is between the ages of 6 months and 15 years of age you should be able to fill out a Statement of Health. If your horse is going to be insured for more than $25,000, is or is going to be used for racing, is less than 6 months or over 15 years if age or had any accident, illness, injury or disease in the last 24 months you will need to have your veterinarian see the horse and complete the Veterinarian Certificate in order to start your Mortality coverage.
Q: Can I start coverage today?
A: We can bind most Animal Mortality coverages immediately with a fully completed, signed and dated application. Farm and Liability applications must be signed and dated and will need to be reviewed by the insurance company and may take several days to quote/bind. We can accept applications via fax, e-mail or mail.
Q: Will I need to fill out an application and get a veterinarian certificate before I can renew my Mortality coverage?
A: Renewal coverage for Mortality requires that you complete a new application each year. You will also be required to provide either a Statement of Health or Veterinarian Certificate depending on the age, value and prior health of your horse. We may also ask you to update information in order to justify the value of your horse. We will let you know well in advance of your renewal date what forms and information are required in order to renew your coverage.
Q: Will you let me know when my coverage is about to expire?
A: Yes, we will let you know well in advance when your policy is renewing along with what requirements are needed in order to renew your coverage.
Q: Can I add and delete horses to my existing policy during the year?
A: Yes, if you buy a new horse you can either add it to your existing policy or we can start a new policy. If you sell a horse during a policy term, let us know and we will remove it from your policy and promptly return any unearned premium to you.
Q: Are there any states that we do not offer coverage in?
A: At this time we can offer Mortality coverage in all 50 states. We do not offer Farmowners coverage in the following states: Alaska, Hawaii, Florida and Louisiana.