Oct 05, 2021

The Truth about Loss of Use Coverage

Equine medical insurance can be difficult to understand, especially due to the differences between equine insurance and other insurances you may be used to. Loss of use coverage, for example, can be a useful extension of other equine medical insurances such as mortality and major medical insurance. While no horse owner wants to think of a scenario where their horse suffers a career-ending injury, accident, or illness, loss of use coverage can help provide financial assistance with vet bills and any other expenses should something happen.

“Loss of use” for horses is considered on a case-by-case basis. For some horses, it may be specific to a competition level or discipline. For others, it could be a loss of fertility. Horse owners have several options when it comes to loss of use insurance. For example, an owner can insure their horse for “full loss of use,” which is designed to reimburse the horse owner for a predetermined percentage of their horses' value should the horse become permanently and completely unable to fulfill its intended use. For full loss of use coverage, a complete veterinary evaluation of the horse is generally required. Another option is the accidental loss of use coverage covering exclusively external accidental injuries such as a trailer accident resulting in injury to your horse.

Most equine insurance is adjusted within a certain extent to fit the horse it is covering; however, many factors may change the type of coverage that is obtainable for your horse, such as their discipline, age, and medical history. Due to the nature of loss of use coverage focusing on unexpected injury or illness, older horses may not be eligible for coverage. Additionally, a horse with a medical history of something like colic episodes may not be eligible for coverage that includes colic. The horse's value may also the impact of coverage available depending on the carrier company. The easiest way to value a horse is from a purchase, but it is possible to change the valuation of your horse over time with proof of successful training and showing.

Should you need to file for loss of use with your horse, you must file your claim as soon as possible. After filing for loss of use, a veterinarian will need to assess your horse to complete your claim and verify for your insurance company that your horse will, in fact, be permanently unable to complete its intended use. Then, the insurance company will reimburse you for the agreed-upon amount or percentage of your horses’ value. Should your horse regain some ability to fulfill another use or even their prior intended use, later on, they are not barred from doing so. However, it’s essential to consult with your veterinarian regarding what is safe for your horse to participate in.

The range of options and decisions to consider when thinking about equine insurance can be overwhelming. Still, every horse owner needs to understand and be aware of their full list of options, especially when purchasing a new horse. The decision to insure your horse for loss of use has the potential to be a valuable tool in the face of an unexpected accident involving your horse.

Jun 08, 2023 Eventing News

Local Canadian Olympian Colleen Loach Tops International Leaderboard Following Day 1 at MARS Bromont CCI4*-L

After the first day of competition, Canadian Olympian Colleen Loach and her horse FE Golden Eye lead an international field in the CCI4*-L division of the MARS Bromont CCI.

Jun 08, 2023 Eventing News

Stone Gate Farm Cancels Fall Recognized Horse Trials

Stone Gate Farm Horse Trials, located in Hanoverton, Ohio, announced they would cancel their fall horse trials, which were scheduled for Sept. 23-24.

Jun 08, 2023 Eventing News

Wildfires Create a Fluid Situation for Event Organizers

Morgan Rowsell had just wrapped up organizing a successful Essex H.T. in Far Hills, New Jersey, on June 4, but as he turned his attention to his next show two weeks later, he was faced with challenges presented by the effects that wildfires from Canada are now having on equestrian sports in the Northeast. “The very next day, the smoke came in,” he said. “It looks like a warm, humid, hazy day, but it’s not humid, it’s not warm, it’s actually quite cool. There’s no air. There’s very little breeze. There’s a northeast wind coming out of Canada that is bringing all the Novia Scotia and Quebec smoke to us, and it smells like smoke.”

Jun 08, 2023 News

2023 Classic Series Calendar Kicks Off in Style at IEA

The first USEA Classic Series competition of 2023 at the IEA H.T. in Edinburgh, Indiana, from June 2-4 brought out the best in event horses with different breeding, backgrounds, and sizes. There was Primrose BMD, originally bred for dressage by a Dutch Harness Horse stallion out of an Andalusian dam, showing how much she relishes jumping by finishing on her dressage score 31.8 to win the Training Three-Day (T3D) with Anna Banks aboard. Then, April Hays and her Holsteiner gelding Anteros HSH won the Novice Three-Day (N3D) with a score of 26.7 despite not knowing if they’d be able to make the competition until the last minute. And, Halley Widlak and her 14.2-hand Connemara pony mare Starscream captured the Beginner Novice Three-Day (BN3D) with a score of 25.7 for the third blue ribbon the pair has earned in four USEA-recognized events together.

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