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Insurance for Life Saving Surgery – underwriters meet demand

Insurance for Life Saving Surgery – underwriters meet demand
15 November 2010

In many cases, acutely ill or injured animals present a dilemma for their owners who are caught between the emotional attachment of wanting surgery to be performed to save its life and the cost affordability of paying for the surgery and after-care. Very often the choices are stark – either incur the cost of sending the animal for life saving surgery or suffer the loss of a prized possession. Bearing this in mind, insurance for life saving surgery has become more frequently requested by owners of horses looking for insurance that covers more than the traditional mortality and theft. Owners request this cover to insure against the possibility of incurring large veterinary bills associated with saving the life a horse and thereby prevent the horse dying.

In response to these requests underwriters have offered an extension to the typical mortality and theft insurance cover, called the “Surgical clause” extension.  From the underwriters view this has the benefit of reducing their exposure to claims for mortality; owners can now buy an insurance product that will enable them to claim reimbursement of the veterinary costs associated with the surgery and, as a consequence, owners may now be more inclined to opt for the surgery.

For the horse owners interested in pursuing this extension it is pertinent to note the following terms of this Surgical clause extension, which are:

·      The extension is only available in conjunction with the mortality and theft insurance; this means the extension cannot be taken out in isolation or as a standalone product.

·      The value of the surgical cover is limited to a maximum of 50% of mortality sum insured or AUD 10,000 in the aggregate, per insured animal, per period of insurance, whichever is the lesser, (for example, on a $10,000 horse, the maximum payout for Surgical Cover is $5,000).

·      The cover is for surgical procedures performed by a licensed veterinarian to save the life of the insured animal.

·      There is no excess or deductible associated with the policy.

·      The policy is subject to certain exclusions as contained in policy extension wording, including pre-existing conditions.

·      The associated premium cost is linked to the dollar value of the cover selected by the owner.

·      The payment of a claim is subject to full proof of cost of the services performed.             

 

The benefits of the extension will provide owners with additional peace of mind when insuring their bloodstock assets. For a quote for this extension please email enquiries@e-quine.com.au 


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