Equine insurance experts answer your questions about insuring Thoroughbreds for the breeding and auction realms.
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Question: How do I insure my new foal?
Olivia Lowe, Kiger Insurance: Congratulations! You've just welcomed an adorable, leggy foal into your stable with visions of roses or lilies dancing in your head. However, before popping the cork, you may want to consider insurance for your future superstar.
Foal mortality insurance is an important aspect of protecting your investment whether you bought a pregnant mare at auction or sent your mare on a date with a stallion. We are often asked – “If my mare is insured – does it cover my foal?” Know that simply having mortality insurance on your mare does not provide coverage on the foal – in utero or after birth – so consider your tolerance for risk and take advantage of foal insurance if you need that protection.
Normally, a healthy foal can be insured as early as 24 hours after birth. Specific foal vetting and bloodwork requirements are necessary on young foals. Notify your agent as soon as your foal is born and discuss when you want coverage to incept. If your foal presents with broken ribs, irregular bloodwork, contracted limbs, “dummy foal” syndrome, or other health issues this will impact when coverage can be incepted and on what terms.
Young foals are the most fragile members of the Thoroughbred family which results in the highest mortality rates. If you can stand to wait a month or more to insure your foal, the rate will be slightly lower. We advise our clients that if the foal is special, don't wait – go ahead and insure it as soon as it is eligible.
Most mares are bred on Guaranteed Live Foal contracts which gives you some protection in the event of abortion or birth of a dead foal. In those situations where you have a No Guarantee season, their may be other types of insurance available. This will depend on the age and breeding history of the mare and carries a high rate.
While the cutest, fuzziest time of year is upon us, it also comes with increased risks. Contact an agent with any further questions and to discuss your options and come up with the best plan for your breeding insurance needs and loss exposures.
Olivia Lowe is a Property and Casualty agent and Agribusiness Farm Insurance Specialist at Kiger Insurance, Inc.
A native of Lexington, Ky., she graduated from Lexington Catholic where she competed on their State-bound Cross Country Team. After graduation she spent several years on the Virginia coast in active duty service with the U.S. Navy. Thirty four countries later, Olivia returned home to Lexington where she graduated from the University of Kentucky Equine Science and Management program. She also served in the U.S. Navy Reserves and recently retired after twenty years of service.
Olivia grew up surrounded by equine insurance, even doing her homework in the Keeneland round room on many a September afternoon in her youth.
The post Ask Your Insurer Presented By Kiger Insurance: Keeping Your New Foal Covered appeared first on Horse Racing News | Paulick Report.
