Explanation of standard bloodstock mortality insurance - for exact coverage, you must refer to the underlying policy document. If in doubt, consult the placing agent/broker or insurer. Bear in mind that coverage can vary between insurers and between brokers/agents.
Mortality Insurance refers to and responds upon the death of the animal. For bloodstock and livestock insurance, the standard policy covers death (and theft). Death due to accident, illness or disease or humane euthanasia arising from accident, illness or disease is covered. In the case of humane euthanasia, it is important to remember that the insurer must have consented to the destruction of the animal, which must have suffered excessive pain to the extent that a qualified veterinary surgeon certifies that the condition is incurable and the pain so excessive, that immediate destruction is warranted on humane grounds.
Death or humane euthanasia must occur during the period of insurance or within the extension period stipulated in the policy. Generally, bloodstock and livestock policies are for a continuous 12 months period, although policies of longer or lesser duration can be negotiated with insurers. Remember that the extension clause does not apply to policies of less than 12 months duration, unless specifically agreed by the insurer.
Theft & Unlawful Removal Insurance is incorporated into the standard mortality policy and covers:
Transit Insurance covers the animal while it is being transported anywhere within Australia or New Zealand, including all transits between the two countries. The standard policy does not cover the animal for movements to or from any other country. Prior to departure to another country, you must contact the placing agent/broker to arrange an extension of cover and to change the geographical limits.
Short Period Transit Insurance covers are available to insure an animal against death while in transit in Australia, New Zealand or travelling to and within other countries.
Generally the insurance policy is a market value policy. This means that in the event of a claim, the insurance settlement will be the lesser of the sum insured or market value at time of death. In certain circumstances however, and by negotiation with the insurer, an agreed or fixed value policy can be arranged. Averaging provisions or loss sharing penalties for under insurance do not apply to bloodstock and livestock policies.
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