How to insure your horse?
Any owner of a sport, racing, breeding or leisure horse has the possibility of taking out insurance to cover the risks to which the horse is exposed throughout its life: death, injury, illness, or even theft. If you are wondering how to go about taking out insurance for your horse, know that the very first step is to choose the best form of insurance. We talk about it in this article.
Damage insurance
Damage insurance is so called because it allows the insured to obtain financial compensation when a loss occurs (depending on the cases of death, theft, injury or illness of the horse). This insurance is optional and generally taken out for valuable horses. However, whatever the value of the animal, the risks of illness or accident exist and the owner can choose to take out insurance to deal with these.
Taking out horse damage insurance requires the conclusion of a written insurance contract between the horse owner and an insurer of his choice. In the event of disagreement between the parties, reference will be made to these contractual provisions as well as to the law (insurance code) to resolve the dispute.
Mortality insurance
The "mortality guarantee" covers the risk of death of the horse following an illness or an accident. Some insurance policies guarantee the death of the horse in specific circumstances such as humane slaughter, death following surgery (conservative, or even intended to treat a benign condition), fire or natural disaster, or transport.
Other guarantees may be included in the insurance contract, in addition, such as horse theft, reimbursement of knackery costs or assistance during transport. Horse mortality insurance is conditioned by several elements. Beyond a certain age, it is no longer possible to insure the horse. A veterinary certificate attesting to the good health of the animal is necessary to be able to subscribe to this type of insurance.
The use that is made of the horse is also decisive (leisure, competition, racing, etc.) as well as its market value. The amount of the insurance premiums will vary depending on the value for which the horse is insured. This value will be called "agreed" or "declared".
Disability insurance
In addition to the mortality guarantee (which is the basic guarantee), it is possible to take out a disability guarantee which would be the result of an illness or an accident. Disability is defined by the horse's inability to fulfill the use for which it is intended. This insurance consists of guaranteeing the insured, whose horse becomes disabled, the payment of compensation, the amount of which is equal to a percentage (defined contractually) of the insured value of the horse. Depending on the insurer chosen, this percentage can vary, generally from 60% to 80%.
Veterinary expenses insurance
The veterinary fresh guarantee allows the horse owner to obtain reimbursement of veterinary costs following an illness (whether or not requiring surgery) or an accident. There are several levels of guarantee in the contracts which vary the amount of the insurance premiums.
The age of the horse is, again, a determining criterion in the possibility of subscribing to this type of insurance and a veterinary certificate will be requested at the time of concluding the contract.