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FAQ |
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Frequently Asked Questions
What type of horses can be insured?
All types of horses can be insured including;
Foals
Yearlings
Racehorses
Mares
Stallions
Syndicated Horses
Equestrian Horses and Hacks
Campdrafters
Cutting Horses
Rodeo & Time Event Horses
Part Ownership - Can I insure my share?
Yes. Syndication is now a very regular form of ownership and each individual shareholder can insure each share separately. At what age can my horse be insured? A foal can be insured at 24 hours after birth with a satisfactory report confirming it is in good health completed by a licensed veterinarian. Bloodwork including IgG test results are required on newborn foals.
Is it more costly to insure a young foal? Yes, the rate required for foals from 24 hours after birth to 30 days of age is higher than the normal rate. If you are willing to wait until your foal is 31 days old to insure it, the rate reduces approximately 1%. The reason is simple, the risk is greater for young horses whose immune system is sometimes less likely to ward off and recover from illness. The higher rate on foals allows the insurance company to offer a lower rate during most of your horse's life. If you insure your young foal for the cost of the breeding (usually 2 to 3 times the stud fee paid to produce the foal is acceptable by the insurance company), then your insurance cost during the first year will not be that great and you will be covered for the expenses you incurred to produce the foal.
Will my horse ever be too old to insure? Most breeds are insurable at the normal rates through to age 14. Older horses in good health can be insurable, but the annual cost of the insurance will increase each year as they get older.
Why should I purchase surgical or major medical coverage on my equestrian horse? Since the mortality insurance policy requires that you do whatever possible to maintain the health of your horse, you could possibly be faced with unexpected expenses if your horse requires expensive medical treatment or even surgery as a result of an injury or illness. The surgical and major medical endorsements help cover these costs.
What do I need to do to get immediate insurance coverage on my horse? It's simple! You can download the appropriate forms from our website and fax or mail to us. An application is required on each horse to be insured. A satisfactory report completed by your veterinarian is required for horses valued at greater than $25,000 and less than 90 days of age or over 17 years old and any horse used for racing or requiring loss of use coverage. A health statement completed and signed by you confirming the good health and health history of your horses is all that is required for horses valued at $25,000 or less and at least 90 days old. If your horse has had prior medical problems, a vet exam may be required to provide full details of the prior incidents and confirmation of full recovery. If all information is order, coverage can be bound immediately.
How can I justify the value for insurance on my horse? If this is a recent purchase, the purchase price will be the amount of coverage accepted by the insurance company for your insurance policy. A copy of your purchase or sales contract should be provided. If your purchase occurred in the past, we will need to know if your horse has been in training, shown or raced or if a stallion or mare, if it has been breeding and producing foals. If the amount of insurance requested is more than your purchase price, we will require justification for this increase by way of training expenses, show or race record, produce record (average sale price of foals sold) or an appraisal by a certified equine appraiser or trainer familiar with your horse. We have forms available on our website to assist you in providing us with the information necessary to justify the value of your horse for the insurance policy.
How do I make a claim?
Notifying any injury or illness promptly is the owner's responsibility. Failure to quickly notify Logans may jeopardise any future claim on your policy. The procedure is to notify Logans of any injury or illness, obtain veterinary attention. If the horse dies you will need a post mortem with identification done by an independent veterinarian. As the owner you are required to complete a cliam form. Your vet also is required to do the same. Is there a specific time limit for reporting a claim under my policy? Most definitely. Immediate notice is required to the insurance company adjuster or our office. The policy specifically requires submission of the required claim documents within 60 days of the occurrence. Claims can be denied if this condition of the policy is not met.
I plan to geld my young colt. This is elective surgery. Am I required to notify the insurance company? Yes, the insurance policy specifically requires prior notification of any surgery whether elective or not. If you do not make us aware of the planned procedure, a claim can be denied if death results from the surgery or other complications develop.
Please explain some incidents why I should consider an Equine Liability Policy? A very gentle horse could spook during a riding lesson and its rider could fall off. Someone visiting your farm gets kicked by a horse during a clinic. You are leading your horse at a horse show and it breaks away from the lead and runs through a crowd or perhaps even a parking area causing damage to several vehicles. Even though this does not appear to be negligence on your part, a lawsuit could still develop for the injuries and property damage sustained. The equine liability policy would pay the defence costs as well as any judgment against you.
I operate a boarding facility, what liability insurance should I consider? You should also consider including the Care, Custody or Control Liability insurance. A boarded horse in your care gets through a fence where a board is missing that you were planning to repair the next day. The horse is struck by a vehicle on the road in front of your farm. The vet is called to attend to the injured horse who has a severe leg injury requiring surgery. The surgery is successful, but unfortunately the horse's career as a show jumper is over. The owner of the injured horse could take legal action against you not only for the medical costs, but also for the reduction in the value of their horse since his show career has ended as a result of the injuries. The Care, Custody or Control Liability policy will pay up to the policy limit for the death or injury to non-owned horses in your care. Your Commercial Equine Liability Policy would pay for the damages to the vehicle as well as injuries sustained by the occupants of the vehicle.
Do you offer insurance to cover a horse if it gets out of a property/agistment facility and then hurts someone? For a horse used for pleasure riding the Logan Equestrian Cover has an additional cover for public liability which covers your negligence in these kind of circumstances. In 95% of cases the answer is NO. The ATO has made provision for the GST component of claims on the basis that the purpose of insurance is to put you in the same position after the claim as before. In this regard, if you are registered for GST you can claim back the GST component when you purchase the horse and insurance on the animal. GST therefore has negligible effect and in the event of a claim you receive the sum insured without any GST. In your BAS you put down the claim proceeds as a GST Free receipt. If you are not registered for GST and paid GST on the premium you receive the sum insured from the insurer and an additional 10% which Logans pay out on behalf of the ATO. Therefore, if your sum insured is $10,000 then you would receive a cheque from Logans for $11,000 ($10,000 from the insurer and $1,000 from the ATO) On the odd occasion where GST is not paid on the premium, such as a high valued animal and the Underwriting service is physically done overseas, then no GST applies. If you are not registered for GST then the sum insured could include the GST component if you wish. |
Monday, 16th June 2008 Equine Influenza Inquiry Wednesday, 7th May 2008 Maternal Metabolic Status and the Occurrence of OCD in Thoroughbred Foals. Tuesday, 29th April 2008 Mott Searching for Elusive Derby Victory Wednesday, 19th March 2008 Full Siblings Tuesday, 4th March 2008 Chilean Bred |
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Logan Livestock Insurance Agency Pty Ltd 21 Parraween St (PO Box 360), Cremorne NSW 2090, AUSTRALIA |