Q: What does the term “life threatening” mean?
A: The term “life threatening” is to emphasize that elective, voluntary or maintenance expenses (such as: vaccinations, worming, teeth floating, castrations/spaying, etc.) are not reimbursed and stresses the need to notify Markel if a veterinarian’s treatment is required for any reason.
Our Medical/Surgical coverage provides reimbursement for medical and surgical expenses (including miscellaneous extras) resulting from a covered illness, injury or condition that does not pre-exist the coverage effective date.
Markel Insurance Company handles all claims directly with our insured in a straightforward manner. Our Claims Department can be reached in an emergency 24-hours a day, 7 days a week. They are not only employees, but true horse people who understand first-hand the importance of prompt attention to your horse and have complete authority to make claims decisions on behalf of the Company. We are proud of our reputation for excellent customer service.
Q: Why do I have to answer so many questions in order to insure my horse?
A: An insurer needs information on a horse’s health and value. This is particularly necessary when a company is insuring a horse for its agreed value and it is providing medical coverage. Markel offers a hassle free application for most breeds/disciplines valued up to $30,000. A vet certificate is required for values in excess of $30,000, if a horse falls outside of the hassle free program, or if a horse has a pre-existing condition or prior health history abnormalities. (At Markel, a horse’s value is established by its cash purchase price or stud fee.) A justification of value form (training, showing, breeding history) needs to be completed for a horse that’s value is in excess of its purchase price. It is important that the purchase price, stud fee and show records be accurately documented.
Q: Why do I need to notify the insurer if my horse is treated for a minor condition?
A: It is a standard condition of all mortality policies and medical/surgical endorsements that the insurer be notified in the event of any illness, disease, lameness, injury, accident or physical disability to the horse. This is required because minor treatments can lead to more serious and sometimes life-threatening conditions. Failure to immediately notify us may adversely affect coverage under the policy.
Q: My horse’s policy excludes colic. How are exclusions determined?
A: Information provided from the declaration of health, vet certificate, and claim history is used by the insurer to evaluate any pre-existing health conditions of the horse. Markel requires additional information from the insured or their veterinarian before deciding if colic is covered or if a pre-existing exclusion is required. Based on circumstances, the exclusion may be reviewed during the policy period or at the policy expiration.
Q: What is the difference between an insurance agent and an insurance company (insurer)?
A: The nature of the equine insurance industry has changed dramatically in the past few years, and it is critical that consumers understand the differences in policies. They should also know the company - the insurer - who is protecting them.
An insurance agent must be authorized by an insurer to solicit insurance and, depending on the authority granted by the insurer, may negotiate and bind insurance coverage. The insurer underwrites and binds insurance coverage for an insured in order to indemnify their losses and provide them benefits subject to all the terms of the insurance policy.
Q: How are these differences relevant to my obtaining insurance for my horse?
A: It is important to know which insurer an agent is representing. You can often measure an insurer’s commitment to the equine industry by visiting their corporate website. How many years of experience does the agent’s insurer have with insuring horses? How many years has the agent been representing this insurer? Does the insurer have an “A” (Excellent) A.M. Best rating? Does the insurer have dedicated horse people who understand your equine needs?
At Markel, the Agriculture Division has been providing equine specific coverage for the horse industry for over forty years! Our equine insurance programs are the best on the market, and we can customize them to give you the right protection at the right price. We're rated "A" (Excellent) by A.M. Best and continue to be the proven long term market leader whose products and services are endorsed by the following: American Quarter Horse Association, American Paint Horse Association, North American Riding for the Handicapped and National Reining Horse Association.
Many of our employees were horse owners long before they became involved in the insurance industry. They're true Horse People who represent the commitment that make the Markel difference. Our horse-knowledgeable associates specialize in providing customers with prompt and courteous service, all the way from quote to claim. You deal directly with the experts responsible for making the decisions!
Q: Do insurers offer pretty much the same equine coverage?
A: No, and that is why it is important to read and understand your policy. One significant difference between mortality policies is agreed value versus fair market value or actual cash value coverage. Agreed value means that the insurer will pay the value of the horse that is stated on the policy provided the information is accurate. Market or cash value means that the insurer will pay the value of the horse at the time of its death or the value at the time when the disease or illness resulting in its death is manifested. If the horse’s value has decreased due to an illness or injury or if its value was overstated when it was originally insured, the insurer will pay the lesser of the value stated on the policy and the current market value. Markel’s mortality policy includes agreed value coverage. Again, it is important that the purchase price, stud fee and show records provided to the agent/insurer are accurately documented.
Medical/Surgical coverage varies significantly between insurers. It is important to carefully read the medical/surgical endorsement to the mortality policy to determine the following: Does the insurer pay up to the benefit limit, all or a percentage of diagnostic or aftercare surgical or medical treatment? For how long of a period will the insurer pay for aftercare treatment? Does the insurer pay up to the benefit limit, all or a percentage of surgical treatment? Does the insurer pay for veterinarian-recommended treatments such as chiropractic, massage, acupuncture, corrective shoeing, aqua-tread, treadmill, whirlpool, magnetic, laser, non-elective dental, and non-surgical lameness?