Equine Mortality Insurance is a form of non-guaranteed renewable term life insurance for valuable equine. The policy covers against loss by death from all natural causes including death from sickness or disease, or accident, fire or lightning, occurring within the term of the policy. Theft coverage (excluding straying or mysterious disappearance) is included under the basic mortality policy, at no additional charge.
Emergency Colic Surgery Expense Coverage is included on all Equine Mortality policies, at NO ADDITIONAL CHARGE with most companies. This provides coverage for the lesser of $3,000 or 50% of the amount of mortality coverage for the covered expenses of colic surgery, associated post-operative care, and third-party emergency transportation.
All equine mortality business must be submitted to Knorpp Bloodstock Insurance Agency, LC in application form, completed and signed by the insured. Because Equine Mortality Insurance is a form of life insurance, all equine proposed for insurance must be in good health and in an insurable condition on the effective date of the policy. Therefore, current veterinary health certificates (no older than 14 days) should always be submitted with the applications. In some cases we will accept a Statement of Health signed by the insured on equine that are 1 to 14 years of age, known by the insured for over 30 days and valued under $25,000. All applications and veterinary certificates should be mailed directly to Knorpp Bloodstock Insurance Agency, LC.
Upon Knorpp Bloodstock’s receipt of properly completed applications and veterinary certificates by mail or fax, they will be evaluated promptly, and if satisfactory, a policy will be issued and forwarded for delivery to the insured. The coverage must be approved and a policy issued while the insured equine is in good health and entirely free from sickness or injury.
Equine Mortality policies are not transferable from one insured to another. In the event an insured equine is sold, and the purchaser wishes to insure the equine, it is necessary that the new owner execute a new application and veterinary health statement. The seller should then return the original policy or submit a lost policy release for proper cancellation.
The Equine Mortality policy does not provide coverage for certain risks, including but not limited to:
• Loss due to intentional destruction of the animal by anyone (unless performed or authorized for humane reasons by licensed veterinarian).
• Loss resulting from depreciation in value due to an animal becoming unfit for or incapable of fulfilling the functions or duties for which it is kept, employed or intended (loss of use).
• Loss caused directly or indirectly by injury, sickness or disease having inception before risk is accepted by underwriters (pre-existing conditions).
• Loss resulting from an equine being subjected to any surgical operation, without prior approval from underwriters.
• Loss of any equine not under daily care & supervision.
• Loss resulting from voluntary destruction, brought about by condemnation of an equine which has contracted or been exposed to a contagious or communicable disease, whether by Federal or State authority or otherwise.
This information is not a complete copy of the policy exclusions and conditions. For exact & complete information, please refer to the policy itself.
PAYMENTS AND INSURABILITY
Premiums for Equine policies are payable directly to Knorpp Bloodstock Insurance Agency, LC.
Payment plans are available for policy premiums in excess of $2,000. Contact Knorpp Bloodstock Insurance for details.
As a general rule, the maximum amount of insurance allowable is the purchase price. Underwriters will take into account appreciation in value resulting from prize winnings, performance, or value of offspring sold; however, sentimental, speculative, or replacement values or profits cannot be taken into consideration. If a client wishes to increase the insurance on an equine, the request must be accompanied by full documentation substantiating the reason for the increased value. In general, equine that are “home raised” will be limited to 2 to 3 times the stud fee paid. Offers to purchase do not necessarily constitute value. A minimum premium of $250.00 applies to all policies.
In the event of injury, sickness or disease of an insured equine, the insured must immediately secure, at his or her own expense, the services of a licensed veterinarian. At the same time, immediate notice is to be given to the Company, in accordance with the instructions attached to the front of the policy jacket. This notice should include the policy number, name of the equine, nature of the injury, sickness or disease, the date such occurrence was first discovered, together with the name, address, and telephone number of the attending veterinarian. Failure to notify the Company could void all policy coverage and could jeopardize the insured’s right to recovery in the event of a loss.
Since Equine Mortality policies are issued for a specified period of time, renewals of equine policies are not automatic. A renewal questionnaire must be completed and submitted to Knorpp Bloodstock Insurance Agency, LC before a policy can be renewed. To avoid a possible lapse in coverage timely will be sent to the insured prior to expiration.
CANCELLATIONS AND LOSS
Flat cancellations can only be effected if the policy is returned to the Knorpp Bloodstock Insurance within 30 days of the effective date of the policy. Otherwise, policies may be returned at any time for cancellation on a pro-rata basis.
In the event of death of an insured equine, the insured must give immediate notice to the Company, providing the policy number, the name of deceased equine, the date an cause of death, and the name, address and telephone number of the attending veterinarian. In the event the equine is found dead or dies from an unknown cause, the insured must immediately have a necropsy performed by a licensed veterinarian to determine the cause of death, and for identification of the deceased equine. In all cases, the insured must immediately furnish the Company with a complete report of the veterinarian’s findings. The veterinarian’s fees are borne by the insured, as it is the insured’s obligation to establish the claim under the policy.
Surgical Expense Coverage provides for up to $7,500 of insurance with a $250.00 deductible for surgical expense incurred to save the life of an insured equine, when surgery is required as a direct result of an accident, injury, sickness or disease. This coverage is added by endorsement to a full mortality policy for an additional premium.
AN ADDITIONAL PREMIUM OF $100.00 is charged for each equine to which the Surgical Expense Coverage applies. The premium charge for this coverage is fully earned upon issuance and is not refundable in the event of cancellation by the insured.
Major Medical Expense Coverage provides a choice of $5,000.00, coverage with $500.00 deductible, $7,500.00 coverage with $300.00 deductible, or $10,000.00 coverage with $500.00 deductible for medical or sugical expenses of a veterinarian associated with a Covered Equine, when such expenses are a result of accident, injury, sickness or disease. Major Medical will not be offered on equine used for flat track racing.
This coverage is added by endorsement to a full mortality policy for an additional premium of $225.00 for $5,000.00 coverage, $275.00 for $7,500.00 coverage, or $350.00 for $10,000 coverage. The charge for this coverage is fully earned upon issuance and is not refundable in the event of cancellation by the Insured. If the company cancels, a pro rata refund is given. Coverage is subject to a $500 deductible per claim under this endorsement.
Loss of Use covers an equine that becomes unfit for the first “use” specified for it in the policy due to accident, injury, sickness or disease. The coverage for such loss of use is provided up to 60% of the applicable limit of insurance. This coverage can be added to a Full Mortality Policy by endorsement at an additional premium rate of 3.90% of the amount of insurance. This coverage is not available for flat track racing animals.
Knorpp Bloodstock Insurance Agency, LLC
P.O. Drawer A
Clarendon, TX 79226-2001
Be sure to visit our sister agency
Knorpp Insurance Agency, Inc.
Copyright 2013 Knorpp Bloodstock Insurance Agency, LLC
PHONE: (806) 874-3521
FAX: (806) 874-2307
TOLL FREE PHONE: (800) 858-4331