Good afternoon bloggers,
This week we continue with answers to some frequently asked questions (FAQ's). Sometimes people ask, why should I even bother to insure my horse? They will be fine, I take good care of them. Well, there are many reasons to consider equine insurance. Here is an article answering the question:
The cost of insurance is minimal when compared to the overall costs of maintaining your horses, paying for colic surgery, or paying a lawsuit. It'll probably cost more to enter your horse in a show than to insure it.
If you've just purchased a horse, it may be a good idea to carry the optional Major Medical & Surgical in addition to the standard Mortality, just because you don't know what medical problems the horse may have. After a year, you might decide to carry just the standard Mortality. Note that Medical & Surgical is an optional addition to the mortality - it can't be purchased as a stand alone item.
You should insure your horses to protect you against the possibility of losing them to various causes, which may put you in a financial bind to attempt to cure an illness, or pay for an accident, theft, or death. Too often, a horse is injured, or colics, therefore requiring expensive surgery which would save its life. However, due to the unexpected nature and cost, this isn't always possible, and ends with the horse suffering or dying.
The standard Mortality insurance provides some colic surgery coverage. With mortality insurance, the company will give you money for colic surgery (up to 60% of the value of the animal, with a maximum coverage of $3,000). Further, if you wish to add the Major Medical & Surgical insurance, additional colic surgery or other surgery coverage is provided, as well as coverage which will pay for nearly any medical problem other than regular checks or maintenance. The standard Mortality insurance also covers against theft.
Personal horseowners liability insurance is also available. This insurance covers up to five horses, with coverages ranging from $300,000 to $1,000,000 at affordable premiums. It provides legal defense should you be sued, and/or payments should your horse cause damage or bodily injury.
While many states do have some "limited liability" laws to protect horse owners, in many cases you can be liable for damage done by your horse, even if you're at a boarding stable or at a horse show. Even people who board their horses can be liable for damage a horse does, unless the stable owner can be proved negligent, such as by not fixing a fence or letting a known biter near the public.
Often you'll be asked to sign a waiver at shows or other horse-related events. According to legal experts, the waivers generally hold up in court unless there are extraordinary circumstances, such as a stable putting a novice rider on a known problem horse.
If you're running a boarding business, trail or pony ride business, provide horse training, or operate a riding club, you should insure the business for liability should a horse or rider cause damage to another party. Note that club insurance provides liability for spectators or others, but doesn't cover the club members, or their horses, as they should each carry their own insurance. For boarding stables, an individual's home owner's insurance will sometimes cover you, although if you sell or train more than one horse, the home owner's insurance may not apply. Be sure to check your individual Home Owner policy.
Mortality insurance is sort of a "life insurance" policy on your horse. It covers death from virtually any accident or sickness, and our policies include humane destruction by a veterinarian.
The bottom line is, how much are you willing to lose, should you have to replace your animal, pay for surgery, or defend yourself in a lawsuit? Use that as your basis for deciding if you need insurance, and what coverage levels you will require.
*article taken from Mizeinsurance*
Monday, April 28, 2014
Monday, April 21, 2014
Question: What type of insurance do I need to allow other people to ride my horse?
Good morning bloggers!
Today we are starting a series of frequently asked questions regarding equine insurance. The first question horse owners often ask is: what kind of insurance do I need to let other people ride my horse?
This question is a complex one and refers to several different issues such as protecting yourself from liability if your horse injures someone, or if your horse causes an injury to another person/horse while someone besides yourself is riding, and of course providing medical coverage for them.
Liability coverage such as a personal horse owner's policy will typically not cover someone else who rides the horse, because anyone who rides knows the risks involved. This type of insurance is used to cover you for something your horse does for which you are found negligent. In other words, if you did nothing wrong, and you're not legally liable, then then you owe nothing.
So, your riders would need to have their own medical insurance, or perhaps your homeowner's insurance might cover any accident (then again, some home owner's policies specifically exclude horse related accidents - contact your home owner's insurance agent to be certain, and read your policy carefully).
Be sure to know the rider and the skill level of the rider before allowing them to ride your horse. You know your horse better than anyone, so make sure that whomever you allow to ride your horse, is a good fit and the chances of risks are minimal. Of course, horses and accidents often go together unfortunately, so you need to make sure you are prepared and know fully the risks involved as well as the other rider.
One other piece of advice would be to speak to a lawyer, because they can better explain the laws in your state regarding your risks, liability exposure, whether you should use release of liability forms or warning signs, etc.
Until next time, if you have any questions regarding your equine insurance coverage be sure to contact us at:
http://equineinsuranceagent.com/
Today we are starting a series of frequently asked questions regarding equine insurance. The first question horse owners often ask is: what kind of insurance do I need to let other people ride my horse?
This question is a complex one and refers to several different issues such as protecting yourself from liability if your horse injures someone, or if your horse causes an injury to another person/horse while someone besides yourself is riding, and of course providing medical coverage for them.
Liability coverage such as a personal horse owner's policy will typically not cover someone else who rides the horse, because anyone who rides knows the risks involved. This type of insurance is used to cover you for something your horse does for which you are found negligent. In other words, if you did nothing wrong, and you're not legally liable, then then you owe nothing.
photo taken from: chesnaklimek.com
So, your riders would need to have their own medical insurance, or perhaps your homeowner's insurance might cover any accident (then again, some home owner's policies specifically exclude horse related accidents - contact your home owner's insurance agent to be certain, and read your policy carefully).
Be sure to know the rider and the skill level of the rider before allowing them to ride your horse. You know your horse better than anyone, so make sure that whomever you allow to ride your horse, is a good fit and the chances of risks are minimal. Of course, horses and accidents often go together unfortunately, so you need to make sure you are prepared and know fully the risks involved as well as the other rider.
One other piece of advice would be to speak to a lawyer, because they can better explain the laws in your state regarding your risks, liability exposure, whether you should use release of liability forms or warning signs, etc.
Until next time, if you have any questions regarding your equine insurance coverage be sure to contact us at:
http://equineinsuranceagent.com/
Monday, April 14, 2014
Equine Pre-Purchase Exams
Good afternoon bloggers!
When buying a horse, it is a good idea to do a pre-purchase exam first. Besides the fact that it helps your own piece of mind, many insurance companies require a pre-purchase exam to help determine the overall condition and value of the horse. Today, we would like to share a few tips with you on how to safeguard your pre-purchase exam. Sometimes, with all things, politics can be involved and you want to make sure you are getting the most accurate exam possible.
PRE-PURCHASE EXAMS
While a pre-purchase exam should be only about the health and soundness of a horse and its suitability for the use intended, be aware that these exams can have an element of politics to them, and they can be important politics. Here are some guidelines to protect both you and the veterinarian:
Do not have the horse vetted by the farm's or owner's veterinarian. This lets the vet off the hook if he feels in some way beholden to the farm or the owner. This also protects the veterinarian from charges of collusion if any allegations are later made regarding a condition that may not have been revealed during the pre-purchase exam. In addition, it also protects you against any form of inappropriate influence upon the veterinarian.
Veterinarians are held to high ethical standards by the AAEP (American Association of Equine Practitioners), and even the appearance of unethical behavior can harm a vet, so understand the vet's position, and employ a vet who is not associated with either the farm or the seller.
Some veterinarians will not do a pre-purchase examination. Honor the vet's choice, and find a vet who does lots of pre-purchase exams. Usually veterinarians at the larger referring hospitals will do accurate and well-documented exams, and also have the best equipment for diagnostics.
Don't confuse a veterinary insurance exam with a pre-purchase exam; a pre-purchase exam is much more rigorous. Except in a few cases, we don't require a vet exam for insurance unless the horse is insured for over $100,000, or the owner is applying for Loss of Use coverage as well as mortality and medical/surgical coverage.
Buying an out-of-town horse? Have the examining vet send copies of the horse's x-rays and diagnostic results to your local vet, for a good second opinion. Make sure you get all of the requested views. All of them. Each one.
Pre-purchase exams are not cheap. X-rays from the ground to the knees and hocks can cost hundreds of dollars, but they can really and truly save you many thousands of dollars. Buying a six year old gelding with degenerative arthritis in the hocks when his use is for over fences will definitely end in tears. Pay for the x-rays, and walk away to find another, sounder, horse.
Don't let the purchase price of the horse determine whether or not you get a pre-purchase exam. Do look a gift horse in the mouth; he may need thousands of dollars of dental work, or expensive other maintenance.
Do the pre-purchase, get a horse you love and will love to own and enjoy for many years to come. If you start out on the right foot, your chances for a wonderful experience with your horse increase dramatically. I once paid for pre-purchase exams on 10 horses before I found a truly sound one (for jumping), and I don't regret the expenditure. I just had to save up a few more months to afford the one I finally found.
To view the entire article, click here.
When buying a horse, it is a good idea to do a pre-purchase exam first. Besides the fact that it helps your own piece of mind, many insurance companies require a pre-purchase exam to help determine the overall condition and value of the horse. Today, we would like to share a few tips with you on how to safeguard your pre-purchase exam. Sometimes, with all things, politics can be involved and you want to make sure you are getting the most accurate exam possible.
photo used from wallerequine.com
PRE-PURCHASE EXAMS
While a pre-purchase exam should be only about the health and soundness of a horse and its suitability for the use intended, be aware that these exams can have an element of politics to them, and they can be important politics. Here are some guidelines to protect both you and the veterinarian:
Do not have the horse vetted by the farm's or owner's veterinarian. This lets the vet off the hook if he feels in some way beholden to the farm or the owner. This also protects the veterinarian from charges of collusion if any allegations are later made regarding a condition that may not have been revealed during the pre-purchase exam. In addition, it also protects you against any form of inappropriate influence upon the veterinarian.
Veterinarians are held to high ethical standards by the AAEP (American Association of Equine Practitioners), and even the appearance of unethical behavior can harm a vet, so understand the vet's position, and employ a vet who is not associated with either the farm or the seller.
Some veterinarians will not do a pre-purchase examination. Honor the vet's choice, and find a vet who does lots of pre-purchase exams. Usually veterinarians at the larger referring hospitals will do accurate and well-documented exams, and also have the best equipment for diagnostics.
Don't confuse a veterinary insurance exam with a pre-purchase exam; a pre-purchase exam is much more rigorous. Except in a few cases, we don't require a vet exam for insurance unless the horse is insured for over $100,000, or the owner is applying for Loss of Use coverage as well as mortality and medical/surgical coverage.
Buying an out-of-town horse? Have the examining vet send copies of the horse's x-rays and diagnostic results to your local vet, for a good second opinion. Make sure you get all of the requested views. All of them. Each one.
Pre-purchase exams are not cheap. X-rays from the ground to the knees and hocks can cost hundreds of dollars, but they can really and truly save you many thousands of dollars. Buying a six year old gelding with degenerative arthritis in the hocks when his use is for over fences will definitely end in tears. Pay for the x-rays, and walk away to find another, sounder, horse.
Don't let the purchase price of the horse determine whether or not you get a pre-purchase exam. Do look a gift horse in the mouth; he may need thousands of dollars of dental work, or expensive other maintenance.
Do the pre-purchase, get a horse you love and will love to own and enjoy for many years to come. If you start out on the right foot, your chances for a wonderful experience with your horse increase dramatically. I once paid for pre-purchase exams on 10 horses before I found a truly sound one (for jumping), and I don't regret the expenditure. I just had to save up a few more months to afford the one I finally found.
To view the entire article, click here.
Monday, April 7, 2014
Insurance Claims FAQ's
Good morning!
Today we share a great article on insurance FAQ's. Although it is not written directly about equine or property insurance, it has a lot of great information that could help next time you have a question! Check it out here:
What is Replacement Cost?
Replacement cost is the cost to repair or replace the damaged item with an item of like, kind, and quality, without deduction for age, use, or obsolescence.
What is Actual Cash Value (ACV)?
Actual cash value is based on the cost to repair or replace the damaged item with an item of like, kind, and quality, less an adjustment for factors such as age, use, deterioration and/or obsolescence.
How is depreciation calculated?
The most common method of calculating depreciation is based on the life expectancy of the item, with adjustments made for the item's age and condition.
For example:
The typical life expectancy of a composition roof is 25 years which means that under normal conditions the roof depreciates at a rate of 4 percent per year.
A loss involving a 10 year old roof with typical wear and tear may be handled as such:
10 years x 4% depreciation per year = 40% depreciation.
The actual cash value of the roof is 60% of the repair or replacement amount (100% - 40% depreciation = 60%).
How will I be reimbursed?
Your policy may have Replacement Cost coverage on your home and/or personal property. If it does, full reimbursement may take place in the form of two or more payments. You will receive an initial payment corresponding with the claims representative's estimate. This initial payment may be for the full cost, or for the Actual Cash Value, of the repair. If the payment is for actual cash value, an "amount for recoverable depreciation" will be listed on the estimate. This amount can be claimed upon completion of the repair.
How do I apply for the recoverable depreciation?
To receive the recoverable depreciation, you must submit itemized receipts/invoices pertaining to the completed repairs. QBE Farmers Union Insurance will pay the amount withheld or the difference between the initial payment and completed repair bill, whichever is less. Submit the invoice or receipt to your local claims representative making sure to include your claim number.
Are there deadlines I must meet to receive the recoverable depreciation?
Yes. You must notify your claims representative, in writing, of your intent to make a claim under the replacement cost provision within 180 days of the date of loss. The actual repair or replacement must then be completed by a specified date.
What happens if the property estimate is not sufficient?
If you have a problem getting the repairs completed for the amount estimated, please call your QBE Farmers Union Insurance claims representative prior to hiring a contractor. We may be able to assist you in locating a competent contractor to do the work for the estimated amount. If there is a difference in the scope of repairs we will work to obtain an agreed upon scope with your contractor.
What advice do you have for locating a reliable contractor?
Selecting a contractor and arranging for repairs is the property owner's responsibility. It is usually best to select a local repair firm that has operated in your area for several years. Additional considerations are to make sure the contractor is insured, bonded, and will provide you with a written guarantee.
Why is my mortgage holder listed on your payment?
If a mortgage holder is listed on your policy, we are required to include the name on payments relating to that property.
If I suffer a water loss, what should I do?
Contact your agent or our 24/7 Call Center and report your claim. Your agent or one of our claims representatives can assist you with finding a local water restoration company. The water restoration company can assist you in the damage mitigation process.
What actions should I take after a loss?
Protect your property from further damage or loss by making reasonable temporary repairs.
Notify QBE Farmers Union Insurance promptly by calling our toll free number 1-866-NFU-Loss, or by contacting your QBE Farmers Union Insurance Agent
Retain a record of repair costs.
If theft or vandalism causes the loss, notify the police.
If the loss is related to a bank electronic fund transfer or credit card, notify the financial institution.
What do I need to document?
Good ideas are:
-Videotape your property
-Take an inventory of your belongings
-Keep your records in a safe place - safety deposit box
-What information do I need when reporting a claim?
-Be ready to provide:
-Your name and address
-Names and addresses of witnesses or injured persons
-General loss information
-Your policy number.
-What Should I do after an Auto Loss or Accident?
-Contact the police if the loss is due to an accident
-Collect the loss information including: description of and specific damages to all vehicles, names and addresses of all individuals involved or witnesses to the loss
-Contact QBE Farmers Union Insurance with your loss/accident information.
-Be ready to provide your name and address, names and addresses of witnesses or injured persons, and general loss information.
-Have your auto policy number available.
-Promptly send QBE Farmers Union Insurance of any letters, notices or legal papers you receive about the accident. You may be asked to submit proof of loss documentation. If you received treatment for injuries, you may be asked to submit that information as well.
Will My Premium Increase if I File a Claim?
Depending on your policy, the length of time you've had QBE Farmers Union Insurance, and the laws and regulations in your state, your premium may not increase.
You may want to discuss any concerns you have with your agent.
Do I Need to File a Claim against My Auto Policy if I was Not at Fault for an Accident?
Filing a claim against your policy could help protect you in case there are covered damages or injuries discovered later or if the other driver's insurance company fails to reimburse you for the damages. If you become involved in litigation because of a covered accident, your QBE Farmers Union Insurance policy could help you by providing legal counsel.
What's a Deductible?
The deductible is the portion of a covered loss you pay before the insurance company becomes responsible for payment under the policy. For example, if your covered claim is $2,000 and your applicable deductible is $500, you pay $500 and QBE Farmers Union Insurance then pays the remaining amount of $1,500.
I Was Not at Fault for the Accident. Will I Have to Pay the Deductible?
Regardless of who was at fault, your policy requires a deductible for certain coverages. If the claim investigation determines there's a chance to recover the damages from the person responsible for the accident, we'll attempt to recover them, including your deductible and will reimburse you when we receive payment.
Do I Need to File a Police Report for Loss or Theft?
It is always a good idea to file a police report when you experience damage or theft.
What are recycled parts?
Recycled parts are those that have been previously used and are salvaged from vehicles that are no longer in service. Recycled parts have long been used in the automobile repair industry. They are often more readily available than brand-new dealer distributed parts and less expensive. Using recycled parts is also an environmentally friendly, energy conserving alternative to brand new dealer distributed parts. At QBE Farmers Union Insurance we will not specify a recycled part that does not meet the standard of like kind and quality.
What are Remanufactured parts?
Remanufactured parts are original equipment manufactured parts that have sustained minor cosmetic damage and have been repaired by a competent re-manufacturer. These parts look and perform equivalent to brand- new OEM parts. Most re-manufacturers will warranty these parts for as long as you own your vehicle.
What are Non-original equipment manufacturer parts (non-OEM)?
Non-OEM parts, which are sometime referred to as after-market parts are those that are manufactured by someone other than the original equipment manufacturer (OEM). At QBE Farmers Union Insurance we specify only CAPA or MQVP certified sheet metal parts on vehicles that are two model years or older. CAPA (Certified Automotive Parts Association) and MQVP (Manufacturers' Qualification and Validation Program) are organizations that test and certify the quality of non-OEM parts. The CAPA and MQVP certification is your assurance that the part is the functional equivalent to an OEM part and meets generally accepted industry standards for fit, finish and corrosion protection. These parts are backed by a warranty from the manufacturer that is often for as long as you own your vehicle.
Lately there has been a lot of adverse publicity regarding the use of non-OEM parts. Some OEM manufacturers have been behind campaigns to sway public opinion that non- OEM parts are unsafe and inferior to OEM parts. This is simply not true. CAPA and MQVP certified parts, when installed by a qualified auto body repairer provide a safe, high quality repair. Collision repair sheet metal parts for the most part are cosmetic in nature and do not impact vehicle safety. The National Highway Transportation Safety Administration (NHTSA) has concluded that cosmetic crash parts do not warrant safety standards for OEM or non-OEM parts. Recent blind comparison test conducted by the CIC (Collision Industry Conference) have shown that non-OEM parts are often rated higher than equivalent OEM parts. CIC is comprised of members of the auto repair, insurance and other industries concerned with auto-body repair issues.
Utilizing non-OEM parts promotes competition within the repair part distribution channels which helps keep replacement part prices in line. Consumers have been buying non-OEM mechanical parts such as shock absorbers, tires, batteries and brake parts for some time. These and many other parts have been recognized as functional equivalent replacements for OEM parts and are available at lower prices through non- OEM distribution channels. OEM manufacturers have lowered their prices on many collision repair parts such as bumpers and hoods since non-OEM parts have become available on the market.
Article taken from & copyright: http://www.farmersunioninsurance.com/insurance-claims-faq.cfm
Today we share a great article on insurance FAQ's. Although it is not written directly about equine or property insurance, it has a lot of great information that could help next time you have a question! Check it out here:
Insurance Claims FAQs
What is Replacement Cost?
Replacement cost is the cost to repair or replace the damaged item with an item of like, kind, and quality, without deduction for age, use, or obsolescence.
What is Actual Cash Value (ACV)?
Actual cash value is based on the cost to repair or replace the damaged item with an item of like, kind, and quality, less an adjustment for factors such as age, use, deterioration and/or obsolescence.
How is depreciation calculated?
The most common method of calculating depreciation is based on the life expectancy of the item, with adjustments made for the item's age and condition.
For example:
The typical life expectancy of a composition roof is 25 years which means that under normal conditions the roof depreciates at a rate of 4 percent per year.
A loss involving a 10 year old roof with typical wear and tear may be handled as such:
10 years x 4% depreciation per year = 40% depreciation.
The actual cash value of the roof is 60% of the repair or replacement amount (100% - 40% depreciation = 60%).
How will I be reimbursed?
Your policy may have Replacement Cost coverage on your home and/or personal property. If it does, full reimbursement may take place in the form of two or more payments. You will receive an initial payment corresponding with the claims representative's estimate. This initial payment may be for the full cost, or for the Actual Cash Value, of the repair. If the payment is for actual cash value, an "amount for recoverable depreciation" will be listed on the estimate. This amount can be claimed upon completion of the repair.
How do I apply for the recoverable depreciation?
To receive the recoverable depreciation, you must submit itemized receipts/invoices pertaining to the completed repairs. QBE Farmers Union Insurance will pay the amount withheld or the difference between the initial payment and completed repair bill, whichever is less. Submit the invoice or receipt to your local claims representative making sure to include your claim number.
Are there deadlines I must meet to receive the recoverable depreciation?
Yes. You must notify your claims representative, in writing, of your intent to make a claim under the replacement cost provision within 180 days of the date of loss. The actual repair or replacement must then be completed by a specified date.
What happens if the property estimate is not sufficient?
If you have a problem getting the repairs completed for the amount estimated, please call your QBE Farmers Union Insurance claims representative prior to hiring a contractor. We may be able to assist you in locating a competent contractor to do the work for the estimated amount. If there is a difference in the scope of repairs we will work to obtain an agreed upon scope with your contractor.
What advice do you have for locating a reliable contractor?
Selecting a contractor and arranging for repairs is the property owner's responsibility. It is usually best to select a local repair firm that has operated in your area for several years. Additional considerations are to make sure the contractor is insured, bonded, and will provide you with a written guarantee.
Why is my mortgage holder listed on your payment?
If a mortgage holder is listed on your policy, we are required to include the name on payments relating to that property.
If I suffer a water loss, what should I do?
Contact your agent or our 24/7 Call Center and report your claim. Your agent or one of our claims representatives can assist you with finding a local water restoration company. The water restoration company can assist you in the damage mitigation process.
What actions should I take after a loss?
Protect your property from further damage or loss by making reasonable temporary repairs.
Notify QBE Farmers Union Insurance promptly by calling our toll free number 1-866-NFU-Loss, or by contacting your QBE Farmers Union Insurance Agent
Retain a record of repair costs.
If theft or vandalism causes the loss, notify the police.
If the loss is related to a bank electronic fund transfer or credit card, notify the financial institution.
What do I need to document?
Good ideas are:
-Videotape your property
-Take an inventory of your belongings
-Keep your records in a safe place - safety deposit box
-What information do I need when reporting a claim?
-Be ready to provide:
-Your name and address
-Names and addresses of witnesses or injured persons
-General loss information
-Your policy number.
-What Should I do after an Auto Loss or Accident?
-Contact the police if the loss is due to an accident
-Collect the loss information including: description of and specific damages to all vehicles, names and addresses of all individuals involved or witnesses to the loss
-Contact QBE Farmers Union Insurance with your loss/accident information.
-Be ready to provide your name and address, names and addresses of witnesses or injured persons, and general loss information.
-Have your auto policy number available.
-Promptly send QBE Farmers Union Insurance of any letters, notices or legal papers you receive about the accident. You may be asked to submit proof of loss documentation. If you received treatment for injuries, you may be asked to submit that information as well.
Will My Premium Increase if I File a Claim?
Depending on your policy, the length of time you've had QBE Farmers Union Insurance, and the laws and regulations in your state, your premium may not increase.
You may want to discuss any concerns you have with your agent.
Do I Need to File a Claim against My Auto Policy if I was Not at Fault for an Accident?
Filing a claim against your policy could help protect you in case there are covered damages or injuries discovered later or if the other driver's insurance company fails to reimburse you for the damages. If you become involved in litigation because of a covered accident, your QBE Farmers Union Insurance policy could help you by providing legal counsel.
What's a Deductible?
The deductible is the portion of a covered loss you pay before the insurance company becomes responsible for payment under the policy. For example, if your covered claim is $2,000 and your applicable deductible is $500, you pay $500 and QBE Farmers Union Insurance then pays the remaining amount of $1,500.
I Was Not at Fault for the Accident. Will I Have to Pay the Deductible?
Regardless of who was at fault, your policy requires a deductible for certain coverages. If the claim investigation determines there's a chance to recover the damages from the person responsible for the accident, we'll attempt to recover them, including your deductible and will reimburse you when we receive payment.
Do I Need to File a Police Report for Loss or Theft?
It is always a good idea to file a police report when you experience damage or theft.
What are recycled parts?
Recycled parts are those that have been previously used and are salvaged from vehicles that are no longer in service. Recycled parts have long been used in the automobile repair industry. They are often more readily available than brand-new dealer distributed parts and less expensive. Using recycled parts is also an environmentally friendly, energy conserving alternative to brand new dealer distributed parts. At QBE Farmers Union Insurance we will not specify a recycled part that does not meet the standard of like kind and quality.
What are Remanufactured parts?
Remanufactured parts are original equipment manufactured parts that have sustained minor cosmetic damage and have been repaired by a competent re-manufacturer. These parts look and perform equivalent to brand- new OEM parts. Most re-manufacturers will warranty these parts for as long as you own your vehicle.
What are Non-original equipment manufacturer parts (non-OEM)?
Non-OEM parts, which are sometime referred to as after-market parts are those that are manufactured by someone other than the original equipment manufacturer (OEM). At QBE Farmers Union Insurance we specify only CAPA or MQVP certified sheet metal parts on vehicles that are two model years or older. CAPA (Certified Automotive Parts Association) and MQVP (Manufacturers' Qualification and Validation Program) are organizations that test and certify the quality of non-OEM parts. The CAPA and MQVP certification is your assurance that the part is the functional equivalent to an OEM part and meets generally accepted industry standards for fit, finish and corrosion protection. These parts are backed by a warranty from the manufacturer that is often for as long as you own your vehicle.
Lately there has been a lot of adverse publicity regarding the use of non-OEM parts. Some OEM manufacturers have been behind campaigns to sway public opinion that non- OEM parts are unsafe and inferior to OEM parts. This is simply not true. CAPA and MQVP certified parts, when installed by a qualified auto body repairer provide a safe, high quality repair. Collision repair sheet metal parts for the most part are cosmetic in nature and do not impact vehicle safety. The National Highway Transportation Safety Administration (NHTSA) has concluded that cosmetic crash parts do not warrant safety standards for OEM or non-OEM parts. Recent blind comparison test conducted by the CIC (Collision Industry Conference) have shown that non-OEM parts are often rated higher than equivalent OEM parts. CIC is comprised of members of the auto repair, insurance and other industries concerned with auto-body repair issues.
Utilizing non-OEM parts promotes competition within the repair part distribution channels which helps keep replacement part prices in line. Consumers have been buying non-OEM mechanical parts such as shock absorbers, tires, batteries and brake parts for some time. These and many other parts have been recognized as functional equivalent replacements for OEM parts and are available at lower prices through non- OEM distribution channels. OEM manufacturers have lowered their prices on many collision repair parts such as bumpers and hoods since non-OEM parts have become available on the market.
Article taken from & copyright: http://www.farmersunioninsurance.com/insurance-claims-faq.cfm
Tuesday, April 1, 2014
Health Insurance for Horses: an article by Thehorse.com
Sometimes all that separates a horse from life-saving treatment vs. euthanasia is economics: If a horse owner doesn't have the money to provide treatment, often the only humane option left is to put the horse down. It's a terrible decision to make, putting a beloved horse down because the funds aren't there to save it. Fortunately, this situation can be avoided through equine health insurance.
ANNE M. EBERHARDT
Equine health insurance can cover the cost of emergency or necessary surgery.
Equine health insurance is available in two forms: major medical or surgical. Major medical covers veterinary treatment, medication, and surgery due to accident, injury, or illness. Surgical insurance only covers emergency or necessary surgery in a veterinary clinic. Neither covers for routine care (worming, vaccinations, etc.), pre-existing conditions, or degenerative conditions.
To acquire either major medical or surgical coverage, one also is required to carry mortality insurance on the horse. Mortality covers the value of the horse due to death from accident, illness, disease, and usually loss due to theft.
Beth Britton, an agent with Blue Bridle Insurance Company, says colic surgery is the biggest concern of horse owners. She adds, "We also see large medical bills for ongoing lameness treatments."
Other common maladies for which claims are filed include lacerations, strains, founder, laminitis, respiratory infections, eye injuries, and EPM (equine protozoal myeloencephalitis). "We're seeing more and more EPM," notes Barbara Kirby, vice-president, Agri-Risk Services. "The cost of treating EPM can be incredibly high, running into thousands of dollars."
When Problems Arise
If a horse incurs illness or injury, the horse owner should obtain veterinary treatment as soon as possible, then notify the agent or claims department immediately thereafter. In non-emergency situations where treatment is pending, such as a scheduled tumor removal, the owner should apprise the adjuster of the situation and when the surgery will take place.
"The adjuster will ask for information about the nature of the injury or illness, the vet's name and phone number, then follow up and send information to both the veterinarian and the customer that they should complete and send back," explains Kirby.
Some companies require that the customer pay the veterinary bill, then submit the claim to the insurance company for reimbursement, while other companies allow the customer the choice of either paying the veterinary bills and getting reimbursed from the company or having the insurance company pay the veterinarian directly.
Generally, major medical entails a deductible per incident; the deductible for Agri-Risk and Blue Bridle is $200. There usually is no deductible for surgical.
Limitations
Horse owners should be aware that not every horse is qualified for health insurance coverage. Says Kirby, "At Agri-Risk, coverage is available for horses between the ages of five months and 15 years, but not for older racehorses."
Britton says that Blue Bridle does not offer major medical to horses more than 15 years of age, nor surgical for horses more than 18 years old. Neither offers coverage to racehorses except for limited colic surgery coverage.
In addition, coverage is not available for pre-existing conditions. A pre-existing condition includes disorders that might have occurred in the previous policy year and thus might be excluded when renewing for the next policy year. Explains Britton, "What people don't understand about health insurance for horses is the 'pre-existing' definition. If something happens to the horse while it is insured, the insurance company may exclude that condition during the following year as a pre-existing condition. Horse insurance is a specialized market; each time you renew, you're paying for a year's worth of coverage, so even though you're renewing without a lapse in coverage, it's still a new policy period. Therefore, the insurance company can exclude a disorder that occurs this year as a pre-existing condition."
However, pre-existing exclusions do not always follow the horse through its lifetime. For example, if a horse colics, there would likely be an exclusion for colic for six to twelve months during the next renewal period, depending on the severity of the episode, says Kirby. "If the horse had colic surgery, the exclusion would be on the next policy for the whole year," she says. "At the end of that period, the horse's health could be reviewed again to see if the exclusion could be deleted."
And, as mentioned previously, degenerative conditions such as arthritis and navicular are automatically excluded.
Costs
Generally, $5,000 worth of major medical coverage costs about $150 a year above the cost of the mortality insurance. Surgical coverage is available in different limits for varying amounts. At Agri-Risk, surgical coverage has three limit options, Kirby says: "$2,500 maximum for $90, $5,000 maximum for $125, and $7,500 maximum for $175. Our company also offers the option of stacking those coverages, so you could buy the medical coverage, which already has a $5,000 maximum that includes surgery, and could also add to that the additional $2,500 surgical for an additional $90, to bring the surgical limit up to $7,500."
Mortality premiums are based on the age, use, and value of the horse, so the rate will differ somewhat among individual horses. Rates generally range from 3% or more per year of the insured value of the horse, subject to a minimum policy premium of $150.
Shop Carefully
When considering the purchase of equine mortality and health insurance, it pays to go to an equine specialist. "There are several A-rated companies that write mortality and medical insurance," says Kirby. "A bigger concern is the agent that the coverage is placed with. I'd encourage a horse owner to place coverage with an agency that specializes in livestock mortality as opposed to your homeowner's agent. There is product knowledge involved that is so specific and so deep that someone who is not actually in the equine field is not going to have the product knowledge."
Beyond that, check into who is underwriting the company: Is the underwriting company a livestock specialist? How long have they been in business? Longevity often indicates stability. What are their ratings in "A. M. Best" or with the state Insurance Department? An A+ rating is the highest available. Adds Britton, "Compare deductibles on the major medical and surgical coverages so you can compare apples to apples. Also note what the exclusions in the policy are for."
By planning ahead and making careful insurance decisions, a horse owner might never have to face the awful dilemma of assigning a dollar value to saving a horse's life.
Who Needs It?
Who needs equine health care insurance? Just about anyone who cannot easily afford the cost of expensive treatments or surgeries for their horses.
Beth Britton, an agent with Blue Bridle Insurance, notes, "People who have high-valued horses will most probably insure for the mortality insurance, and then may add on the medical. But others who have lower valued horses and are worried about paying the veterinary bills get major medical or surgical insurance, too."
Barbara Kirby, vice-president, Agri-Risk Services, points out that people who lease horses also should consider purchasing medical coverage "so they don't get stuck with a big veterinary bill for a horse they don't even own."
Additionally, folks who already have mortality insurance on their horses should give serious consideration to adding health insurance coverage. "The terms of mortality coverage require that the insured take whatever steps are necessary to preserve the horse's life," states Kirby. "For example, the insurance company will require that colic surgery be done if that's what the veterinarian recommends, regardless of the expense." In other words, if the horse owner cannot afford recommended, life-saving surgery or treatment, and has to put the horse down or let it die based on economic reasons, the insurance company is not obligated to pay a mortality claim because the horse could have been saved. (This differs from a situation in which a veterinarian recommends euthanasia; insurance companies recognize and honor mortality claims under those circumstances.)
ANNE M. EBERHARDT
Equine health insurance can cover the cost of emergency or necessary surgery.
Equine health insurance is available in two forms: major medical or surgical. Major medical covers veterinary treatment, medication, and surgery due to accident, injury, or illness. Surgical insurance only covers emergency or necessary surgery in a veterinary clinic. Neither covers for routine care (worming, vaccinations, etc.), pre-existing conditions, or degenerative conditions.
To acquire either major medical or surgical coverage, one also is required to carry mortality insurance on the horse. Mortality covers the value of the horse due to death from accident, illness, disease, and usually loss due to theft.
Beth Britton, an agent with Blue Bridle Insurance Company, says colic surgery is the biggest concern of horse owners. She adds, "We also see large medical bills for ongoing lameness treatments."
Other common maladies for which claims are filed include lacerations, strains, founder, laminitis, respiratory infections, eye injuries, and EPM (equine protozoal myeloencephalitis). "We're seeing more and more EPM," notes Barbara Kirby, vice-president, Agri-Risk Services. "The cost of treating EPM can be incredibly high, running into thousands of dollars."
When Problems Arise
If a horse incurs illness or injury, the horse owner should obtain veterinary treatment as soon as possible, then notify the agent or claims department immediately thereafter. In non-emergency situations where treatment is pending, such as a scheduled tumor removal, the owner should apprise the adjuster of the situation and when the surgery will take place.
"The adjuster will ask for information about the nature of the injury or illness, the vet's name and phone number, then follow up and send information to both the veterinarian and the customer that they should complete and send back," explains Kirby.
Some companies require that the customer pay the veterinary bill, then submit the claim to the insurance company for reimbursement, while other companies allow the customer the choice of either paying the veterinary bills and getting reimbursed from the company or having the insurance company pay the veterinarian directly.
Generally, major medical entails a deductible per incident; the deductible for Agri-Risk and Blue Bridle is $200. There usually is no deductible for surgical.
Limitations
Horse owners should be aware that not every horse is qualified for health insurance coverage. Says Kirby, "At Agri-Risk, coverage is available for horses between the ages of five months and 15 years, but not for older racehorses."
Britton says that Blue Bridle does not offer major medical to horses more than 15 years of age, nor surgical for horses more than 18 years old. Neither offers coverage to racehorses except for limited colic surgery coverage.
In addition, coverage is not available for pre-existing conditions. A pre-existing condition includes disorders that might have occurred in the previous policy year and thus might be excluded when renewing for the next policy year. Explains Britton, "What people don't understand about health insurance for horses is the 'pre-existing' definition. If something happens to the horse while it is insured, the insurance company may exclude that condition during the following year as a pre-existing condition. Horse insurance is a specialized market; each time you renew, you're paying for a year's worth of coverage, so even though you're renewing without a lapse in coverage, it's still a new policy period. Therefore, the insurance company can exclude a disorder that occurs this year as a pre-existing condition."
However, pre-existing exclusions do not always follow the horse through its lifetime. For example, if a horse colics, there would likely be an exclusion for colic for six to twelve months during the next renewal period, depending on the severity of the episode, says Kirby. "If the horse had colic surgery, the exclusion would be on the next policy for the whole year," she says. "At the end of that period, the horse's health could be reviewed again to see if the exclusion could be deleted."
And, as mentioned previously, degenerative conditions such as arthritis and navicular are automatically excluded.
Costs
Generally, $5,000 worth of major medical coverage costs about $150 a year above the cost of the mortality insurance. Surgical coverage is available in different limits for varying amounts. At Agri-Risk, surgical coverage has three limit options, Kirby says: "$2,500 maximum for $90, $5,000 maximum for $125, and $7,500 maximum for $175. Our company also offers the option of stacking those coverages, so you could buy the medical coverage, which already has a $5,000 maximum that includes surgery, and could also add to that the additional $2,500 surgical for an additional $90, to bring the surgical limit up to $7,500."
Mortality premiums are based on the age, use, and value of the horse, so the rate will differ somewhat among individual horses. Rates generally range from 3% or more per year of the insured value of the horse, subject to a minimum policy premium of $150.
Shop Carefully
When considering the purchase of equine mortality and health insurance, it pays to go to an equine specialist. "There are several A-rated companies that write mortality and medical insurance," says Kirby. "A bigger concern is the agent that the coverage is placed with. I'd encourage a horse owner to place coverage with an agency that specializes in livestock mortality as opposed to your homeowner's agent. There is product knowledge involved that is so specific and so deep that someone who is not actually in the equine field is not going to have the product knowledge."
Beyond that, check into who is underwriting the company: Is the underwriting company a livestock specialist? How long have they been in business? Longevity often indicates stability. What are their ratings in "A. M. Best" or with the state Insurance Department? An A+ rating is the highest available. Adds Britton, "Compare deductibles on the major medical and surgical coverages so you can compare apples to apples. Also note what the exclusions in the policy are for."
By planning ahead and making careful insurance decisions, a horse owner might never have to face the awful dilemma of assigning a dollar value to saving a horse's life.
Who Needs It?
Who needs equine health care insurance? Just about anyone who cannot easily afford the cost of expensive treatments or surgeries for their horses.
Beth Britton, an agent with Blue Bridle Insurance, notes, "People who have high-valued horses will most probably insure for the mortality insurance, and then may add on the medical. But others who have lower valued horses and are worried about paying the veterinary bills get major medical or surgical insurance, too."
Barbara Kirby, vice-president, Agri-Risk Services, points out that people who lease horses also should consider purchasing medical coverage "so they don't get stuck with a big veterinary bill for a horse they don't even own."
Additionally, folks who already have mortality insurance on their horses should give serious consideration to adding health insurance coverage. "The terms of mortality coverage require that the insured take whatever steps are necessary to preserve the horse's life," states Kirby. "For example, the insurance company will require that colic surgery be done if that's what the veterinarian recommends, regardless of the expense." In other words, if the horse owner cannot afford recommended, life-saving surgery or treatment, and has to put the horse down or let it die based on economic reasons, the insurance company is not obligated to pay a mortality claim because the horse could have been saved. (This differs from a situation in which a veterinarian recommends euthanasia; insurance companies recognize and honor mortality claims under those circumstances.)
Subscribe to:
Comments (Atom)