bryce burton | Horse Racing Free Tips

Ask Your Insurer Presented By Muirfield Insurance: What To Do When Shipping Your Horse To The Veterinary Clinic

Equine insurance experts answer your questions about insuring Thoroughbreds for the breeding and auction realms.

Email us at info@paulickreport. com if you have a question for an insurer.

QUESTION: In the event that my insured horse is being transported to the clinic for a procedure, what are my responsibilities as a policyholder? Are any veterinary expenses covered under my full mortality, or all-risk mortality policy?

BRYCE BURTON: The conditions of a full mortality insurance policy require that the underwriters are notified immediately should an insured animal become ill or injured. The underwriters must also be notified prior to any surgery being performed, unless the surgery is an emergency life-saving procedure. Notifying your agent and/or underwriter is mandatory at the earliest possible time.

The most efficient way to notify the underwriter is to contact your equine insurance agent so they can pass along the necessary information.

Most full mortality policies contain a free Emergency Colic Surgery Endorsement up to a $5,000 limit per occurrence on horses 91 days of age through 18 years, with no prior history of colic issues. Beyond the Emergency Colic Surgery Endorsement, either a Major Medical Endorsement, Surgical Endorsement, or Racehorse Surgical Endorsement would have to be in place in order to qualify for coverage of veterinary expenses. Please see the previous article regarding Major Medical coverage here.

QUESTION: What do I need to do in the event that my insured horse is in a life-threatening situation?

BRYCE BURTON: In the event that an insured horse is facing a life-threatening situation, the policyholder should call their agent immediately. It's always a good idea for an insured to have the agent's after-hours number saved so that it's accessible at all times.

It's also beneficial to have the horse's name, dam's name, age, attending veterinarian's contact, and care- taker's contact on hand for the agent. The agent will then reach out to an emergency adjuster, who will take over from there. The adjuster will need to speak directly to the vet and/or caretaker of the horse regarding the situation in order to ensure that everyone is on the same page with respect to the horse's health moving forward.

Bryce Burton is a property and liability specialist for Muirfield Insurance. He is from Frankfort, Ky., where
he grew up an avid race fan. His Thoroughbred racing fandom combined with a collegiate internship in the insurance industry, culminated in a start in the equine insurance field. Bryce has been with Muirfield Insurance since 2014, following his graduation from Transylvania University in Lexington.

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PR Special Keeneland September: What Equine Lending Can Tell Us About The State Of The Marketplace

CLICK HERE TO READ THIS EDITION OF THE PR SPECIAL

In a whirlwind month for the auction season, the industry's attention now turns to Keeneland for the marathon September Yearling Sale, and the Paulick Report has what you need to read in the preview edition of the PR Special.

In this edition, bloodstock editor Joe Nevills examines equine financial lending, how it has changed since the last boom of the mid-2000s and the subsequent market crash, and what the activity that lenders have seen in the midst of COVID-19 uncertainties can tell us about the current direction of the Thoroughbred economy.

Walker Hancock of Claiborne Farm answers questions about veteran sire First Samurai in the latest Stallion Spotlight, then Bryce Burton of Muirfield Insurance discusses what to do and what to know if your Thoroughbred is being transported to the veterinary clinic for an emergency.

We then turn our attention to a pair of horses succeeding in unique ways. First, in Honor Roll Presented by the Runhappy Meet at Kentucky Downs, Ray Paulick looks at the family ties that led Ms Bad Behavior from being a $75,000 yearling purchase to an earner of over $500,000, including a victory in the G3 Three Chimneys Ladies Turf Stakes at Kentucky Downs. In the Florida-Bred Leaderboard, we take a look at the top Florida-bred juvenile earners on dirt during the Gulfstream Park summer meet; a category dominated by homebreds for Gil and Marilyn Campbell's Stonehedge LLC. Finally, we list the newcomers in the stallion ranks over the two-week Keeneland September sale in First-Crop Sire Watch.

CLICK HERE TO READ THIS EDITION OF THE PR SPECIAL

Thanks to our advertisers for making this edition of the PR Special possible:

CLICK HERE TO READ THIS EDITION OF THE PR SPECIAL

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Ask Your Insurer Presented By Muirfield Insurance: September Sales Checklist

Equine insurance experts answer your questions about insuring Thoroughbreds for the breeding and auction realms.

Email us at info@paulickreport. com if you have a question for an insurer.

QUESTION: With the Keeneland September Sale and the Fasig-Tipton Selected Yearlings Showcase in our midst, is there anything that a buyer should be aware of with respect to getting their purchases insured? Are there any other coverages that they should ask about?

BRYCE BURTON: With the number of horses that will be changing hands over the next few weeks, we thought it would be beneficial to discuss what buyers should be aware of from an insurance perspective when making their purchases. The critical matter to note is that risk of loss passes from the seller to the buyer as soon as the hammer falls on a new purchase. It's important to do your due diligence prior to bidding in order to ensure that coverage would be in place should something happen to the horse, or the horse were to cause bodily harm or property damage, while on the sales grounds.

If the buyer has a current Full Mortality or All-Risk Mortality policy in place, they should speak to their agent in order to confirm that “Fall of the Hammer” coverage is in place. Most policies contain an endorsement that states that as soon as the hammer falls on a new purchase, the policyholder automatically has Full Mortality or All-Risk coverage in place. This is done to put the insured's mind at ease during the tumultuous sales, as they don't have to worry about notifying the insurance company until the sale ends. Some policies may only allow automatic additions up to a certain sum insured value, so it's a good idea to speak to your agent in order to confirm this information.

Lastly, we recommend looking into Race Horse Owners Liability Insurance coverage, which protects horse owners from the unique liability exposures which come as a result of the ownership of their horses. This includes bodily injury or property damage, which can and may be more likely to occur on the sales grounds. These specific equine-related risks are normally excluded under any run of the mill homeowners or umbrella insurance coverages that the owner may already have in place. The buyer can notify their agent prior to the sale so that liability coverage is bound the second the hammer falls.

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Ask Your Insurer Presented By Muirfield Insurance: Covering Your Home With An Equine Farm And Ranch Policy

Equine insurance experts answer your questions about insuring Thoroughbreds for the breeding and auction realms.

Email us at info@paulickreport. com if you have a question for an insurer.

QUESTION: How does insuring your home on a farm through the usual homeowner channels compare with lumping it in with a Farm and Ranch Policy?

BRYCE BURTON: Equine Farm and Ranch Package policies are designed for people who own or lease farms where horses, or other livestock, are boarded and pastured. If you own or lease a farm, the chances are that both your Farm Property and Liability coverage needs would be best met under an Equine Farm and Ranch Package Policy. If there are owned dwellings on the farm, from a cost perspective, it makes the most sense to include these dwelling property coverages within the Farm Package policy, in order to have all coverages bundled together.

The main difference between your run-of-the-mill homeowner's policy and a Farm and Ranch Policy is the liability coverage. As a horse owner, or farm operator, you face unique risks that are not covered under a homeowner's policy. If you own horses that are boarded on the property, the package policy includes liability for your owned horses while on and off premises, including but not limited to the racetrack, show ring, breeding shed, etc. Farm owners that board non-owned horses also have the option to place care, custody, or control insurance, which covers the insured in the event that something were to happen to a non-owned horse while in their care.

The liability portion of the package covers the owner or lessee's business pursuits, such as boarding, training, riding instructions, etc., which would otherwise be excluded under a homeowner's policy. Any litigation that may arise as a result of the farm and equine operation, including pending litigation costs, would be covered under the Farm and Ranch Policy, but may be excluded under a homeowner's policy.

Regarding coverage for property, most homeowner's policies exclude farm outbuildings, so appurtenant structures used for business purposes such as barns, offices, and arenas are often excluded from homeowner's policies. Additionally, coverage for business personal property is also typically inadequate or excluded on a homeowner's policy, which results in inadequate or no coverage for farm equipment such as machinery, tack, tools, feed, and hay. On a Farm and Ranch Policy, farm personal property can be scheduled to provide replacement cost and there is no limitation for the business use of the property.

Bryce Burton is a property and liability specialist for Muirfield Insurance. He is from Frankfort, Ky., where he grew up an avid race fan. His Thoroughbred racing fandom combined with a collegiate internship in the insurance industry, culminated in a start in the equine insurance field. Bryce has been with Muirfield Insurance since 2014, following his graduation from Transylvania University in Lexington.

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