29 terms defined in plain language
Agreed value, mortality, major medical, loss of use, transit — every coverage type defined in plain language.
The dollar amount established when the policy is written, representing the horse's insured value and the maximum payout in a mortality claim.
A mortality policy that covers death from any cause not specifically excluded. The broadest and most common form of equine mortality coverage.
Maximum amount the insurer will pay during one policy period. Once exhausted, the owner is responsible for all remaining costs.
An event or condition for which the policy provides coverage. All-risk policies cover any cause not specifically excluded.
A condition, cause, or circumstance the policy does not cover. The most common source of claims disputes.
Pays when a stallion becomes permanently unable to breed. Separate from mortality. Requires documented semen evaluations.
A reduced premium rate during periods when a horse is not in active use (resting, recovering). Not all carriers offer this.
Restricted mortality covering only specified causes (fire, lightning, transport accident). Excludes illness and disease. Often the only option for older horses.
Insurance protecting the stud fee if a breeding doesn't produce a live foal. "Live foal" typically means standing and nursing within 24 hours.
Pays 50–60% of insured value when a horse becomes permanently unable to perform its insured use. Requires veterinary confirmation of permanence.
Comprehensive medical coverage reimbursing veterinary expenses for illness or injury including diagnostics, hospitalization, and medications.
The foundational equine coverage. Pays the agreed value upon death from covered causes. Equivalent to "life insurance" for horses.
Policy covering only specifically listed causes of loss. Less comprehensive than all-risk.
Specific items listed individually on a policy with their own values and coverage terms. Used for high-value tack and equipment.
Medical coverage limited to expenses directly related to covered surgical procedures. Less comprehensive and less expensive than major medical.
Coverage for saddles, bridles, and other equipment. May be included in farm/ranch policies or purchased separately as inland marine coverage.
Protection against stolen horses. Usually included in all-risk mortality. Requires police report and proof of ownership. May have a waiting period.
Insurance during transport. May be included in mortality, purchased as endorsement, or standalone. Covers loading, transport, and layover.
Market value minus depreciation. Less common in equine mortality than agreed value. Eliminates the need for upfront valuation but creates uncertainty at claim time.
A single coverage limit that applies across multiple items or locations rather than individually scheduled values. Used in some multi-horse or property policies.
A policy that covers a wider range of perils than basic or named-perils coverage. Not as comprehensive as all-risk but more protective than limited perils.
Many policies exclude coverage for elective surgical procedures including castration, cosmetic surgery, and other non-medically-necessary operations.
Optional coverage under farm/ranch policies that replaces income lost due to a covered property loss — for example, boarding income lost after a barn fire.
Coverage that pays the policyholder directly for their own loss. Mortality and medical are first-party coverages. Contrast with third-party (liability) coverage.
Coverage for movable property including tack, equipment, and horse trailers. Covers items in transit or stored at various locations, not just at home.
A cause of loss. Fire, theft, colic, and injury are all perils. All-risk policies cover all perils not excluded; named-perils policies cover only listed perils.
Movable property including tack, saddles, equipment, and personal belongings. Covered under homeowner's or farm/ranch policies, often with specific limits.
The cost to replace a damaged item with a new equivalent. Applies to property (barns, equipment) rather than horses. More favorable than actual cash value for property claims.
A policy where the value is agreed upon at inception and paid in full upon total loss. Equine mortality policies are valued policies — the agreed value is the payout.
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