Why do I need insurance for my horse?
Insurance means to indemnify and protect someone who has suffered a monetary or personal loss.
Insuring a horse protects you against circumstances out of your control. For example: the death of your horse, unexpected surgeries, as well as sickness or injury. Horse Insurance packages available through BFL CANADA include, but are not limited to, the following coverages:
All Risk Mortality Insurance protects you against death by accident, sickness, illness, disease, fire, theft and humane destruction. Some examples include but are not limited to: neurological disorders, transportation, and fracture of a leg.
Guaranteed Renewal with Waiver of Depreciation is another coverage that you want to make sure you have on your policy. In the event that your horse has a major sickness or injury during the policy term, this coverage guarantees that the Mortality Insurance will be renewed at the same terms and conditions as the previous year for an additional 12 months. Therefore, if your horse has colic surgery, for example, on renewal the value will NOT be reduced and the insurer will not exclude colic if the horse dies within the 12 month period.
Major Medical Insurance covers emergency surgeries under a general anesthetic, but is not limited to surgery. If your horse suffers from an injury, sickness or illness and requires medical attention, you can submit over and above your deductible. For example: if your horse suffers from a tendon injury, severe laceration, or colic and requires diagnostics and treatments, the Major Medical Insurance will respond. However, it does not cover regular maintenance or wear and tear (navicular, degenerative joint disease or arthritis). Be sure to ask your broker if there are any limitations for diagnostics or treatments, as you may be at a financial loss depending on your policy terms.
Death Claim Reimbursement is a postmortem coverage, usually with a limit of $1,000 to pay the cost of a necropsy, and removal of the body. Both of these can be costly expenses following the death of your horse.
Tack Insurance is extremely important in order to protect against fire and theft. Theft often occurs at horse shows and you don’t want to lose your $5,000 saddle! BFL includes $3,500 coverage free of charge and provides inexpensive rates to increase the sum insured.
Competition Withdrawal Insurance is coverage exclusive to BFL. If you horse falls ill or is injured prior to leaving for a competition and you have to scratch, you may claim up to $1,500 for reimbursement for the entry and stall fee.
The above are just a few of the products available to BFL CANADA. We are the largest privately owned commercial broker in Canada with a team of expert staff to assist your individual needs. Call for a quote today, there is no obligation! equine@bflcanada.ca or 800-668-5901.