Insurance Coverage | Roger Peters Livestock Ins., Inc.
Immediate Coverage when animal is purchased at an accredited horse sale. Simply call the office.
No Vet Exam required if horse is healthy and between the ages of 1-20 and insured for less then $100,000.
Important Terms
Important Terms
Livestock mortality insurance is written for the purpose of protecting the actual investment of the livestock owner, not potential gain or profit.
Indemnity is payable only as a result of death loss or humane destruction by a certified vet, with prior permission from the insurance company.
Mortality coverage does not indemnify an insured against loss of an animal's ability to perform the functions for which it is kept.
Mortality insurance is renewable only on evidence of re-insurability, both as to physical condition and market value.
The insured or the agent may only effect cancellation.
Policies may not be transferred from one insured to another. Your coverage stops when the horse is sold. It is the responsibility of the new owner to call our office to insure the horse in their name.
Application subject to acceptance by company.
CloseSix Common Insurance Errors
Six Common Insurance Errors
OVERINSURING
Overstating your horse's value can result in problems with your claim. If you want to insure your horse for more than the purchase price, you must be certain you can justify this value to the insurance company in the event of a claim. Insure for the current value, not for what you feel, or are told the horse is worth. If his value rises thru his accomplishments you can request your coverage amount increased by calling your agent and discussing it with him/her.
SELECTING POLICIES BASED ON PREMIUMS ALONE
Since premiums are fairly standard in most categories, price shopping rarely unearth bargains. Read your policy carefully and pay very close attention to the coverage, more so than the cost, because all insurance policies are not equal. Selecting a knowledgeable agent in the field of horse insurance is also important as they will be able to assist you in selecting the proper coverage as well as being capable of explaining the coverage to you.
NEGLECTING TO READ AND THOROUGHLY UNDERSTAND THE POLICY
A poor understanding of a policy's term can mean you get to much or not enough coverage, and you probably will not realize this error until you have a claim. Again, the importance of a knowledgeable agent is helpful in understanding your coverage.
LEAVING GAPS IN DISCLOSURE
Even MINOR health problems in a horse's history must be reported on the application for insurance.
FAILING TO REPORT INCIDENTS IMMEDIATELY
The importance of reporting illness, injury, or sickness of an insured animal immediately can not be expressed strongly enough. Late reporting of any problem your horse may be suffering from could jeopardize your claim. If your horse is sick enough to call your vet, he is sick enough to call the insurance company.
POOR RECORD KEEPING
Keeping records will ease the application, claims and renewals. When buying a horse, keep a bill of sale and your cancelled check. Keep track of your winnings and accomplishments on your horse also.
Full Mortality/Theft & Limited Colic Surgery Endorsement
Livestock Mortality is a Life Insurance policy for your horse, with you as beneficiary. It is an "All-Risk" policy, which will cover death from any cause, subject to certain exclusions, which are stated in the policy. Our policies also include FREE COLIC SURGERY ENDORSEMENT UP TO $3,500. DEPENDING ON THE COMPANY.
We will also pay you if your horse is stolen.
We will pay the actual value of the horse at the time of the accident or illness causing its death, not exceeding the value specified in the schedule. If your horse is sick or injured during the policy term YOU MUST REPORT the sickness or injury to the company IMMEDIATELY. As long as an illness or injury is properly reported to the company PRIOR TO EXPIRATION DATE OF YOUR COVERAGE, you will trigger a 12 month extension of the Mortality coverage should the horse die within that time from that reported cause.
When you call Roger Peters Livestock Insurance, Inc., ask Conni or Stacy about any other available optional coverages. That's what we are here for.
Major Medical Endorsement
This insurance reimburses the veterinarian's fees for surgery, major illness and disease. We will pay reasonable and customary charges necessitated by accident, injury or illness for your insured horse. We have various limits premiums and deductibles for the major medical insurance. We feel do to the high costs of veterinary expenses and unforeseen events related to the health of your animal that you should seriously consider adding this coverage to your full mortality and theft policy. This is optional coverage but please call our office and talk to Conni or Stacy so we may together determine your needs. 1-800-228-8664.
Surgical Only
Surgical Only coverage available with a minimal deductible. Coverage is for the actual cost of the surgery and the payment varies depending on the company. Surgical only in our professional opinion should only be considered if major medical is absolutely not an option for you.
Loss of Use Endorsement - Gelding Only
If your horse becomes totally and permanently incapable of fulfilling the functions for which it is used, as stated on your policy, but its condition does not necessitate destruction for humane reasons, you may suffer a financial loss. The Loss of Use extension will pay you a percentage of the animals insured value. Full X-ray reports and soundness exams are required for approval at the inception of this endorsement. Ask your agent for a full explanation of this coverage.
Equine Personal Liability
In the event your horse injures a third party or damages their property, this policy provides coverage for defense fees and pays claims for which you are legally liable during the policy period. Ask your agent for a full explanation of this coverage.
Accident, Sickness and Disease
Available on PROVEN Breeding Stallions only.
This coverage provides you payment of the insured value of your Stallion, if during the policy term he becomes PERMANENTLY impotent, infertile or incapable of servicing mares due to an accident, sickness or a disease. Talk to your agent for more details.
