What is Loss of Horse cover?
Loss of Horse covers for mortality and theft and is the compulsory part of your insurance. It is the benefit paid following the death, euthanasia or theft of the horse. This benefit will be based on the sum insured or fair market value of the insured horse, whichever is the lower.
You can then choose to add additional cover such as vet fees, permanent loss of use, personal accident legal liability, saddlery and tack and trailers to your policy.
Peliwica Insurance will offer All Risks of Mortality, which covers the loss of your horse due to accident, illness or disease.
You can also purchase Loss of Horse Cover for accidental, external and violent injuries only (AEIO), this cover is usually offered when the horse becomes older and the risk of mortality as a result of an illness or disease becomes too high.
At Peliwica Insurance when a horse reaches 20 years of age cover is then limited to accidental, external and violent injuries only, although we can consider alternatives to this on a referral basis.
What's the difference between the purchase price, sum insured and the fair market value
The Purchase Price is generally the price that you paid to take on the ownership of the horse. The Fair Market value refers to the amount that would generally be paid for a horse of a similar age, sex, breeding and ability. The Sum Insured is the amount you choose to insure your horse for.
The market value will therefore obviously alter while the horse is in your ownership depending on what you do with him/her, age and any injuries sustained etc.
When insuring a horse that has not been recently purchased you need to look at their fair market value and similarly at renewal, the fair market value may well differ from the original purchase price.
Can I choose to insure my horse for a higher amount than I purchased it for?
As a general rule you cannot insure for a value above the purchase price for a horse/pony that has been recently purchased.
Peliwica Insurance will consider reviewing the sum insured at anytime if for instance you may can justify and/or provide evidence to substantiate an increase.
What vets fees are covered?
Peliwica Insurance will offer a range of different veterinary fee cover options so that you can choose which level of cover you would like, depending on the your own personal circumstances.
As your horse gets older, you will generally find that the cover options become more limited, and you may only be able to get Accidental External Injuries Only cover, i.e. the horse will not be covered for sickness and disease.
These restrictions generally come into force at the age of 20 Years old, however Peliwica Insurance may be able to consider variations of this on a referral basis.
Veterinary fees cover provides insurance against non- routine veterinary procedures.
Vet fee cover can be extremely beneficial and will help you to make sure your horse receives the veterinary attention required in the event of an injury, illness and/or disease, without the horse owner, having to worry about the higher levels of cost.
When looking at veterinary fees cover you need to consider the areas shown below, definitions of these terms can be viewed in the main policy wording document and/or the Insurance Product Information Document (I.P.I.D.)
What limits of cover are available?
The amount you can claim up to will depend on your incident limit, which varies between £3000 and £7500.
Peliwica Insurance also offer a “top up” cover of £2500 for surgical life saving treatment. This means that if the customer has opted for £5000 of vet’s fees cover per incident, they can also purchase £2500 additional cover.
For example, Peliwica Insurance will pay up to an additional £2500 should life saving surgery be required and the cost incurred exceeds the base level of cover.
This claimable amount only applies after you have paid the excess amount, which can range from £200 up to around £500 depending on the cover you have taken out.
In addition, Peliwica Insurance offer the ability for the customer to choose to contribute 20% of diagnostic investigations that are required, if this option is taken up, the premium charged will be less and it will also allow more scope within the cover limit for actual veterinary treatment.
It is important to check your insurance schedule for your individual policy cover, excesses and voluntary contributions that are applicable to your horse.
Please refer to main policy wording document and/or the Insurance Product Information Document (I.P.I.D.)