full mortality insurance | Horse Racing Free Tips

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.

The post Ask Your Insurer Presented By Muirfield Insurance: What To Do When Shipping Your Horse To The Veterinary Clinic appeared first on Horse Racing News | Paulick Report.

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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.

The post Ask Your Insurer Presented By Muirfield Insurance: September Sales Checklist appeared first on Horse Racing News | Paulick Report.

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