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Horse Insurance
Mortality and Theft
What is Mortality & Theft?
Are there different levels of cover?
What is the difference between purchase price, market value and sum insured?
How much should I insure my horse for mortality and theft?
Can I insure my horse for a higher value than I purchased him for?
If I have a mortality claim will I receive the full amount I insured for?
Mortality and Theft Summary
What is Mortality and Theft?
Mortality and Theft is the starting point of your insurance. It is the benefit paid following the death or euthanasia of the horse or if the horse is lost or stolen and not found. This benefit will be the market value/agreed value of the insured horse
You can then choose to add on additional cover such as vet fees, permanent loss of use, personal accident and legal liability to your policy.
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Are there different levels of mortality and theft?
Most insurance companies will offer All Risks of Mortality, which covers the loss of your horse due to accident, illness or disease. At KBIS we refer to this as Basic Cover.
You can also purchase Mortality Cover for accidental, external and violent injuries only, this cover is usually offered when the horse becomes older and the risk of mortality as a result of an illness or disease becomes to high.
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What is the difference between purchase price, market value and sum insured?
Purchase price is the price that you paid to take on the ownership of the horse. Market value refers to the amount that would generally be paid for a horse of a similar age, sex, breeding and ability. 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 injuries sustained etc. Therefore when insuring a horse that has not been recently purchased you need to look at their market value and similarly at renewal the market value will come into play rather than the purchase price.
If a horse/pony is homebred in order to establish their market value you would generally consider the stud fee plus their bloodlines. When the horse/pony has achieved a competition record this can then also be taken into account.
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How much should I insure my horse for mortality and theft?
If you have recently purchased your horse most people choose to insure their horse for the purchase price. You can choose to under insure your horse in order to reduce your premium but before choosing to do this you should ask yourself how much it would cost you and how much can you afford to pay to purchase another horse if the worse should happen.
Although under insuring is an option, most insurance companies will not under insure a high value horse below a certain value.
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Can I choose to insure my horse for higher than I purchased him for?
As a general rule you cannot insure for a value above the purchase price for a horse/pony that has been recently purchased. Your insurance company will most probably advise you that they can reviewed the value in 6 months when, for instance you may have built up a successful competition record.
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If I have a mortality claim will I receive the full amount I insured for?
You will only receive the sum insured if this is a true reflection on the horse’s market value. It is important to remember that an insurance company will pay out for the market value of the horse at the time of loss up to the sum insured. If the market value is viewed as being different to the sum insured the value will be adjusted accordingly.
In order that both the policyholder and insurer have a common set of guidelines to follow in the event of a mortality claim the British Equine Veterinary Association (BEVA) have put together guidelines for the Destruction of Horses Under All Risks Of Mortality Insurance Policy. The Underwriters have to be satisfied that these guidelines have been followed in the event of a mortality claim. If the Underwriters are not satisfied that the guidelines have been followed you will be advised as to why and a compromised agreement may be reached by the Underwriters
To view The BEVA Guidelines click here.
Mortality and Theft Summary
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Benefit paid following the death or euthanasia of the horse or if the horse is lost or stolen and not found.
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All Risks of Mortality covers loss as a results of accident, illness or disease
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You will be paid the Market Value or Sum Insured - whichever is less
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Follow BEVA Guidelines for the Destruction of Horses Under All Risk of Mortality
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Vet Fee Cover
What is vet fee cover?
Are there different levels of vet fee cover?
I need to Claim!
How much can I claim for?
How long can I claim for?
What if my policy is up for renewal and I have a claim?
Can I claim for non veterinary treatment?
What happens if the condition worsens?
What are exclusions?
Will I have an exclusion placed if I make a claim?
How long will the exclusion be in place? (Including a downloadable copy of the KBIS Exclusion Review Procedure)
How do I make a vet fee claim?
Vet Fee Summary
What is vet fee cover?
Vet fee cover provides the insured horse with cover for 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 without you, the horse owner, having to worry about the cost.
When looking at vet fee cover you need to consider the following area (definitions of these terms can be viewed under our Glossary of Terms section)
Excess Incident Limit
Complimentary Treatment Period of Claim
Diagnostic Limitations Cover limitation
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Are there different types of vet fee cover?
Most insurance companies will offer a wide range of different vet fee options so that you can choose what cover you would like, depending on your own personal circumstances. As your horse gets older you will generally find that vet fee cover becomes more limited, you may only be able to get cover for what is referred too as accidental external injuries only, i.e. it will not cover for sickness or disease.
With vet fee cover you generally get what you pay for and the higher level of cover will usually mean that you have a lower excess to pay, a higher incident limit, will include cover or complementary treatments and may have a longer period of claim.
At KBIS we run two different separate scales; our Leisure Horse policy offers lower cost cover and has 6 different options that can be viewed here.
Our Riding and Competition cover, has a separate scale of vet fees classified from Bronze to Platinum and includes options for complementary treatment and a higher level of cover for colic surgery. Our Riding and competition vet fees can be viewed here.
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I need to Claim!
If your horse/pony is injured or becomes ill and you have to seek veterinary attention you need to notify your insurance company straight away or as soon as possible. Even if you do not end up claiming for the incident it is better to advise your insurance company sooner rather than later. If you are unsure as to the vet fee cover that you have you will then at this point be able to ask your insurance company exactly what cover you have in place. Relaying information to your vet such as the incident limit and period of claim that you have on your policy will help them to decide upon the best course of treatment and discuss the different options with you.
It is important to remember that most insurance companies will only insure you for accidental, external, injuries only for the first 14 days of your policy or until you have completed and sent in any required forms and you have been notified that you are on full cover. Therefor an injury sustained in this period may not be covered.
In the event of cases where you may need proceed down avenues such as an MRI scan it is always important to check that your insurer is happy for you go ahead with this and that you have the cover in place before doing so.
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How much can I claim for?
The amount you can claim up to will depend on your incident limit, which usually varies between £1250 - £5000. This amount however, is after you have paid the excess amount, which can range from £125 up to around £350 depending on the cover you take out. It is important to check your insurance certificate for your individual policy cover.
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How long can I claim for?
Most policies will cover you for 12 months from the onset of the incident; that it when the first clinical signs of the illness, injury or disease was noted. There are some cover options that may allow you to claim for longer, KBIS was first insurance company to implement a cover option which Platinum cover has 15 months cover.
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What if my policy is up for renewal and I have a claim?
If you are in the process of an agreed claim and your policy is due for renewal you will still have your 12-month cover for the condition under your current policy. Insurance companies will usually however then place an exclusion for any conditions or incidences that occurred before renewal on your new policy, this is order to prevent Dual Liability.
The exclusion placed on your new policy will not affect your 12 months cover under your existing policy but it means that once those 12 months cover are finished you will not be covered for the condition under your new policy.
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Can I claim for non veterinary treatment?
Complimentary Treatments, sometimes referred to as Alternative Treatments cover you for treatments such as physiotherapy, laser treatment and remedial shoeing. Not all vet fee cover options including complimentary treatments and those which do normally have a separate incident limit.
With KBIS Complimentary Treatment cover is available under our Silver, Gold and Platinum vet fee cover options and each provide cover up to £500. Insurance companies will normally stipulate that such treatments must be recommended by a qualified vet and either be carried out by a vet or a qualified complementary therapist.
A list of complimentary treatments can be viewed here.
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What happens if the condition worsens?
If the condition being claimed for worsens and the horse/pony requires an operation it is important to notify your insurance company straight away and check that you are covered for the horse to be anesthetised. The operation will be included as part of the total claim for the injury or illness, that is there will be no separate incident limit. This means if the horse has had treatment prior to the operation which has been claimed for you will only be able to claim for the amount that you have left under your cover which may not cover the full cost of the operation.
Operations will often mean that the horse has to be stabled at the veterinary centre. Not all policies include hospitalisation costs so it is important to check your policy beforehand. Additional costs involved such as transportation would generally not be covered.
If the cause of for instance a lameness cannot be diagnosed and the vet needs to look towards using more advanced diagnostic procedures such as a MRI scan it is again important to speak with your insurance company before going ahead. While most insurance policies would cover the procedure they may need to be satisfied that all other options have been explored and consider first before you go ahead with the procedure. Again you will only be cover up to your incident limit.
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What are exclusions?
All insurance policies carry general exclusions, that is areas or circumstances when the insured will not be covered, which is why it is always important to read the terms and conditions of your policy carefully.
Specific exclusions are ones that apply to an individual policy. They can be with reference to an illness, injury or disease, which occurred or was diagnosed before the policy was taken out , a pre existing condition. Or it can be in relation to a noted condition or conformation fault which may pre dispose a horse/pony to a specific condition, illness or injury.
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Will I have an exclusion placed if I make a claim?
Generally if you make a claim that condition will then be excluded in the next policy period, as in most cases it will mean that the horse will be pre disposed to that illness or injury again and therefore too high a risk.
Depending on the condition the exclusion may be very specific to that individual circumstance or it may be more generic if it is viewed by professionals as being likely to predispose the horse to other related injuries or illness.
It is always important to read any exclusion careful and make sure you understand what it refers to, if in doubt ask your insurance company.
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How long will the exclusion be in place?
This is dependent upon the severity of the condition, the chance of re occurrence and whether it will then pre dispose the horse/pony to the condition or a related condition in the future.
Some conditions are very unlikely to be removed such as a tendon injury while in other cases your insurance company may review an exclusion after a certain time frame or at the next renewal.
You can read about our exclusion review procedure here - KBIS Exclusion Review Procedure
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How do I make a vet fee claim?
Each insurance company will have their own specific procedures, the most important point is to notify your insurance company as soon as possible if you think an incident may lead to a claim. The KBIS claim procedure and claim forms can be viewed on the Claims page.
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Vet Fee Summary
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When choosing your cover consider:
- Excess
- Incident Limit
- Complimentary Treatment
- Period of Claim
- Cover limitations
- Diagnostic Limitations
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Keep you insurance company informed of any incidences that may lead to a claim
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Liaise with your vet regarding the cover you have in place.
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If you do not understand an exclusion speak to your insurance company.
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Permanent Loss of Use
What is Permanent Loss of Use?
Are there different types of Permanent Loss of Use?
What benefit will I receive from a Loss Of Use claim?
Does Permanent Loss of Use cover unsuitability?
Does Permanent Loss of Use increase my premium?
Permanent Loss of Use Summary
What is Permanent Loss of Use?
Permanent Loss of Use means that the horse will never again be able to perform the activity for which it was insured. For instance If a horse/pony is injured and as a result of this injury will be unable to compete to the level to which it did before the injury then this would be Loss of Use
When taking out Permanent Loss of Use cover you will be asked to specify the main activity that your horse will be used for; it is this activity that the vet and insurance company will use to judge whether the injury or illness sustained is a Loss of Use claim.
Permanent Loss of Use claims can be very lengthy and the underwriters have to be satisfied that all avenues of treatment have been pursued before they will consider a claim under Loss of Use.
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Are there different types of Permanent Loss of Use?
There are two different types of Permanent Loss of Use:
1.Permanent Loss of Use due to accident, illness or disease.
2. Permanent Loss of Use due to accidental external injury only.
The second option is generally not taken out that frequently as although a lower premium it provides more limited cover.
You can then choose whether you would like to take out 100% Permanent Loss of Use for the sum insured or 75% Permanent Loss of Use for the sum insured. The second option again will mean that your premium will be lower but you still have cover in place.
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What benefit will I receive from a Loss of Use claim?
In the event of a claim you will usually be presented with two options:
1.Keep the horse in retirement and receive a lesser payment
2. Have the horse put down and receive the full amount as per your policy
If you choose to keep your horse in retirement you will receive a residual value. This value will vary according to each individual circumstance, but will normally be subject to a minimum of 10% of the sum insured.
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Does Permanent Loss of Use cover unsuitability?
Loss of Use cover will not cover you for lack of ability or potential ability, loss of value, blemishes, behavioral problems or temporary incapacity.
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Does Permanent Loss of Use increase my premium?
Having Permanent Loss of Use will increase your premium, but it does provide an increase in cover. Some people choose to take Loss of Use cover out on a new horse as a means of 'warranty', protecting yourself against the unknown. Once you know the horse and its history and capability you may then choose to remove or keep the Loss of Use cover in place.
You can limit the increase by choosing to take out, for instance, 75% cover. Paying your premium by monthly direct debits may also help to spread the cost of your premium.
Insurance companies will normally require a 5-stage vetting and depending on the horses value, x-rays as well so you need to consider this expense in addition.
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Permanent Loss of Use Summary
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Provide cover against the insured horse/pony being unable to compete in the discipline and at the level it was doing so before the claimable incident.
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Can choose to take out 75% or 100% cover.
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In the event of a claim you can either choose to put the horse in retirement and receive a lesser payment or have the horse put down and receive the full amount covered.
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Insurance companies will usually required a 5 stage vetting in order to take out the cover.
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Public Liability
What is Public Liability Cover?
Should I have Public Liability Cover?
Will I have Public Liability cover with membership to a club or affiliated body?
What should I do in the event of an incident?
Public Liability Summary
What is Public Liability Cover?
Public Liability is one of the most important areas to consider taking out cover. It provides the policy owner with cover against their liability to a third party. For example if your horse broke free when tied up in your yard and then proceeded to cause an accident on the road.
Insurance companies may also refer to this cover as Legal Liability or Third Party Liability.
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Should I have Public Liability Cover?
Although not law it is one area of cover that should not be overlooked. Public Liability cover is generally not very expensive to add onto your policy and will increase your premium by around £15 but could save you thousands in the event of a claim.
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Will I have Public liability cover with membership to an affiliated body or club?
Membership with affiliated bodies will sometimes include Public Liability cover. It is important to check exactly when, where and what it covers you for as it may only provide you with cover when you are riding or competing at one of their events or clinics.
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What should I do in the event of an incident?
You should never admit to any responsibility or negotiate any kind of settlement. Liability claims can be very complex and your insurance cover will only be valid if you were legally responsible for the horse at the time of the incident and the incident was a direct result of your negligence.
It is important to notify your insurance company straight away and forward any documentation straight onto them without replying. Your insurance company will then deal with any claims against you on your behalf.
Even if your liability to the third party is under dispute the underwriters may decide to settle on economic grounds, this is due to the fees that would be incurred should the incident go to court.
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Public Liability Summary
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Provides cover against bodily injury to a third party as a result of your negligence.
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Inexpensive to add onto a horse policy
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Check any existing cover with membership or an alternative insurance policy has no limitations in place.
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In the event of a incident do not admit to any responsibility or negotiate a settlement.
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Personal Accident
What does personal accident cover me for?
Who will be covered under the personal accident cover?
Is Personal Accident cover expensive?
Personal Accident Summary
What does Personal Accident cover me for?
Personal Accident insurance covers you if you sustain a bodily injury through riding, handling, mounting or dismounting the insured horse. Most insurance companies offer two different levels of cover a lower and higher level.
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Who will be covered under the Personal Accident cover?
Cover varies from policy to policy but a typical KBIS policy would cover the the policyholder and any person to whom the policyholder has given permission to ride or handle the horse. Cover would be in accordance to the schedule of benefits as in your policy terms and conditions.
Where the horse is being used in a business environment i.e. in a riding school lesson you will not usually be covered; the riding school should have their own Personal Accident cover in place.
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Is Personal Accident cover expensive?
When added onto a horse policy Personal Accident cover is not an expensive addition. There would be an increase in premium of around £15 - £30 depending on the level of cover you take out. Personal Accident cover under a horse policy is designed as 'catastrophe' cover and is more limited than a specific Personal Accident Insurance Policy.
If the cover available is not adequate for your needs then you should consider taking out a specific Personal Accident policy. You can view a KBIS Personal Accident policy here. Additional benefits will include Temporary Total Disability which will pay the policyholder a weekly amount in accordance to the benefit scale if they are temporarily unable to carry out their normal business or occupation.
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Personal Accident Summary
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Provides cover against bodily injury sustained while riding or handling the insured horse
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Covered in accordance with the benefit scale outlined in your policy
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A specific Personal Accident Policy can be taken out which offers a greater benefit scale including Temporary Total Disability.
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Ensure the cover is adequate for your needs
Saddlery & Tack
What is covered?
Deciding on a sum to insure
What security is needed?
Saddlery and Tack Summary
What is covered?
Most insurance companies will insure you for loss or damage to saddles ( including stirrup leather and irons) and bridles (including any martingales and harnesses). It is generally the equipment that is used on the insured horse whilst being used for the activities for which it is insured.
You will not be covered for general wear and tear or any damaged caused by, for example vermin. You will also not be covered for rugs, grooming kits, hats and other such items. Such limitation will be noted in the terms and conditions of your policy.
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Deciding on a sum to insure
Generally most insurance companies will base the settlement on the actual value at the time of loss, therefore if when you take out your policy your saddle is new you should insure it for its full value. When you policy is up for renewal it may be worth decreasing the value depending on the current condition and market value of the saddle.
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What security is needed?
The security requirements may very between insurance companies but with KBIS if your tack is being kept in a yard where there are more than 10 horses then an alarmed tack room would be required. In all other cases the tack must be kept in a secure building and the doors must be locked with a deadlock and any windows securely locked. If you are unable to meet the security requirements then it may be worth speaking to your insurance company as a compromise may be able to be reached.
Such conditions of your insurance as security for saddlery and tack will be stated in the policy terms and conditions.
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Saddlery & Tack Summary
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Covers the saddle (including stirrup leathers and irons) and bridle (including any martingales) of the insured horse.
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Check whether the policy covers the actual value at the time or loss or 'new for old' and cover yourself accordingly
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Check any specific security requirements on the policy
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Keep hold of purchased receipts
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Trailer and Horse Drawn Vehicles
What is Covered?
Will my insurance cover me when I am towing the trailer?
Do I need to have my trailer/hors drawn vehicle in a secure building?
Will I be covered when travelling someone else's horse in my vehicle?
Can I lend my trailer to someone else?
Trailer and Horse Drawn Vehicle Summary
What is covered?
Under a KBIS policy your trailer or horse drawn vehicle would be covered whilst immobilised and whilst being towed for any damage or physical loss up to the sum insured.
Such policies would not cover you for any legal liability to third parties, this should be covered under the insurance of the towing vehicle. It would also not include any general wear and tear or mechanical breakdown.
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Will my insurance cover me when I am towing the Trailer?
Yes your insurance does provide cover should your trailer or horse drawn vehicle be damaged or destroyed whilst you are towing it, but it only covers the trailer and not the towing vehicle.
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Do I need to have my trailer/horse drawn vehicle in a secure building?
You do not need to have your trailer in a secure building but it will need to be immobilised when it is not in use. A wheel clamp and hitch lock would be the ideal but the exact terms will be stated in your policy terms and conditions.
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Will I be covered when travelling someone else’s horse in my vehicle?
As long as you are not receiving any form of payment for transporting the horse or transporting horses as a business you will normally be covered under your policy. If in doubt you should ask your insurance company.
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Can I lend my trailer to someone else?
If you let someone else use your trailer/horse drawn vehicle as a one off you and do not receive any payment it would not affect your cover. However if someone is regularly using your trailer, using it for businesses purposes or is partly responsible for its security and maintenance then you should contact your insurance company as this may affect your cover.
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Trailer and Horse Drawn Vehicle Summary
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Covers any damaged or physical loss to the insured trailer or horse drawn vehicle
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Check the security requirements stipulated on the policy
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The policy does not include cover for the towing vehicle
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If you are not receiving any form of payment you should be covered when transporting someone else's horse