insurance for performance horses?

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rafter EM
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insurance for performance horses?

Postby rafter EM » Wed Apr 16, 2008 9:47 pm

I have been recently updating farm policy insurance and got to thinking of the value of animals I have walking around my place.

Would any of you out there know of the best places or companies to go to to find out about the best and most economical ways to get insurance coverage for horses (competition, prospects, breeding stock, stallions, etc)?

I am open to any help, suggestions, or opinions. Thanks
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randa
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Postby randa » Thu Apr 17, 2008 6:21 am

I use Wilkins Livstock Insurance out of Nebraska.
Very easy to work with!!
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laurie
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insurance

Postby laurie » Thu Apr 17, 2008 7:52 am

Check with your farm insurance provider; ours is through Co-operators and can add a rider for the horses onto the farm policy and it is very reasonable!

kimberly
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Postby kimberly » Thu Apr 17, 2008 9:13 am

I use canada brokerlink out of calgary. I find the price's good we have 3 horses insured by them. Easy to deal with too. We just had a serious claim with them, well let you know if they don't cover, lol. But so far it's looking good.

I know I had a friend that had co-op insurance and becasue they were not there to see the accident that their horse was in, out in the pasture they would not cover the animal, so I think with any insurance you really got to read and cover it all.
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amberw
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Postby amberw » Thu Apr 17, 2008 9:26 am

You can insure them on your farm insurance but be aware that they coverage is pretty limited. It will cover things like fire, lightning, being hit by a vehicle (as long as its not driven by you or one of your employees), being shot (again not by you or your employee), etc. The exact perils covered vary from one company to another so its important to ask your company exactly what is covered. It is for accidental death and will not cover things like broken legs or colic.

If you purchase Equine insurance through a company such as Canadian Farm Insurance or another you can choose to carry Equine mortality insurance only or add a surgical/medical rider for an additional premium. The Equine mortality is considered an "all risk" policy. Meaning it will cover them for all of the accidental perils mentioned above as well as poisoning, having to be put down due to injury (must be based on a vets recommendation), death due to colic etc. The Equine Mortality policy will not cover your vet bills, just the horse. If you add the surgical/medical rider it will cover vet bills up to the insured dollar amount (ie. $5000) per occurence.

Of course because the All Risk policy covers more it is more expensive than insuring a horse on your farm policy on a named perils basis. But it is much better coverage. Very few people choose to add the surgical rider because it is quite expensive.

Let me know if you have any other questions. As far as rates you just have to shop around but make sure you compare what coverage your getting as well as the price. It might be worth it to take a slightly more expensive company if they provide better coverage and/or claims service.

barrelchick
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Postby barrelchick » Thu Apr 17, 2008 9:47 am

I use Capri Insurance and have found them to be quite reasonable and they specialize in horse insurance so they know what you are talking about.

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Michele
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Postby Michele » Thu Apr 17, 2008 12:22 pm

Our farm policy through Co-operators now covers colic. 8o)
Horses are a perfect metaphor for life: there are no guarantees and virtually no limits. - Jane Savoie

twofastandfurious
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Postby twofastandfurious » Thu Apr 17, 2008 1:24 pm

Mcfarlane Agencies in Okotoks is really good. Talk to Em.
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amberw
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Postby amberw » Thu Apr 17, 2008 1:49 pm

Just another thought, the broker you choose is often as important (or more so) than the company they insure you with. (Maybe I'm just flattering myself because I'm a broker. lol). Make sure it is someone who is knowledgeable both about horses and the product they are selling you. Personal referals are great, particularly if the person has dealt with a claim situation. Sometimes its hard to know how good your coverage is until you need it and then if its insufficient it is too late to change it. There are several options within Alberta, Oxford Insurance, Capri Insurance, we deal with Canadian Farm Insurance, and like Randa said you can deal with livestock insurers from the States so long as they will cover horses in Canada.

mmm
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Postby mmm » Thu Apr 17, 2008 1:52 pm

I also use Capri Insurance and found that they make things extremely easy and are helpful.

TuffEnuf
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Postby TuffEnuf » Fri Apr 18, 2008 8:34 am

The ladies at Capri are very nice and pleasant... but I ran into some trouble with them. My gelding had a front leg injury... not major and I didn't want to make a claim yet (as I had Loss of Use insurance) but I wanted to give them a heads up that he had hurt himself, so that if I needed to claim it they couldn't say it was negligence on a 6 month old injury. When I went back to insure him the next year, they told me that because of his slight injury, that leg wouldn't be covered.... I was kind of upset, because I thought I was being honest by telling them what was going on! :-)
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CM
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Postby CM » Fri Apr 18, 2008 8:40 am

Same as TuffEnuf I had the same thing happen through Co Operators. :?

amberw
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Postby amberw » Fri Apr 18, 2008 9:00 am

It can be a tricky thing what you tell them. But honesty is usually the best policy. If it was something that they could detect post mortem had been effected by previous injury that was not disclosed, they would deny your claim anyways. At least they were upfront with you so that you know what to expect in the future.

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admin
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Postby admin » Fri Apr 18, 2008 9:40 am

I have mine through Equine Inurance Underwriters through my local insurance company. I think I pay 3.25% on a 10,000 horse.

When I insured a new horse a couple of years ago I had my livestock vet do the insurance evaluation. Her hooves were cracked and he wrote down that she had quarter cracks on her back hinds. They were hairline cracks that didn't go to the cornary band and I should have said something right then and disputed that they weren't quarter cracks. So this year again instead of renewing without a vet check I hadto pay the vet to come out again and check her "quarter cracks" he wrote this time they were resolved, but I still have an exclusion on my policy and she will have to be checked again next year. So if she dies of quarter cracks I'm not covered :-) I'm not too worried about the exclusion, but it ticks me off that I have to pay for the vet to come out every year to look at her feet now because he didn't know what he was talking about in the first place. I tried offering to email pictures for her file, but they didn't care. I suspect the people in the office don't know one end of a horse from the other. I would have been better off changing insurance companies and doing a new evaluation I guess.
What happens is not as important as how you react to what happens. -Thaddeus Golas


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