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View Full Version : tell me about "loss of use" insurance and the show horse



paintjumper
Oct. 14, 2009, 06:51 PM
Especially in the gelding. Also if a show horse becomes unable to show but they are a mare or stallion and can be used for repro, will you still get your money back since they are unable to show? I'm just not sure how "loss of use" works. Thanks.

Laurierace
Oct. 14, 2009, 11:09 PM
Loss of use is generally a bad deal. Its expensive for starters, hard to prove and in the end if you do successfully get your claim paid you have to give them your horse. They can then do what they like with him.

paintjumper
Oct. 15, 2009, 09:02 AM
GIVE THEM THE HORSE??? What will they do with a lame horse............I can only imagine! OK, not for me.

EqTrainer
Oct. 15, 2009, 09:08 AM
Also.. they have a say in if the horse is euthanized or not. There was a horse here that was insured for loss of use, for a price somewhere around what you would pay for a nice luxury SUV.. he became laminitic, foundered badly and the attending vet wanted to euthanize him. The insurance company called in another vet who stated that it was possible that the horse could someday perhaps do dressage again...

and so the horse lay there in the stall, suffering, for quite some time while they all fought it out. It was ugly and awful. I do believe they euthanized him against the second vets recommendation and of course did not get payment on that loss of use claim but just could not see him suffering any longer.

kahjul
Oct. 15, 2009, 09:31 AM
A friend of mine bought a very nice mare almost 10 years ago that had been turned in on a loss of use policy. She was owned by a BNT in Holland, getting ready to start the GP when she developed a mystery lameness. They had a 75K LOU on her and only did the minimum required by the ins co on diagnostics. The mare ended up in a pasture at a breeding farm in CA. 3 years after the mare arrived she looked sound and the farm owner needed some quick cash, so my friend got her for 10K. Solid PSG, 12 yo, bred to the teeth dutch mare for 10!!!!!! The mare has been sound since she bought her.

joiedevie99
Oct. 15, 2009, 10:47 AM
Some loss of use policies offer you 50% of the value plus you keep the horse, or 100% of the value and they get the horse.

MAC DEUCE
Oct. 19, 2009, 11:39 AM
It is very difficult to prove loss of use (most vets won't make that statement). You have to read the policy very carefully and interpret it word for word, within your policy year (hint). If a vet can say that the horse cannot be used for it's intended purpose as of the policy end date, then it is a valid LOU claim. And yes, they will threaten to take your horse if they pay on the claim. Tell them ok, take the horse....and then they will come back to you and pay the 50% (without taking the horse) per the policy.

Lostboy
Oct. 21, 2009, 01:00 AM
on our insurance you can only get loss of use with 50K or more policy.. and even then the premiums suck.

Seal Harbor
Oct. 21, 2009, 03:35 AM
Also.. they have a say in if the horse is euthanized or not. There was a horse here that was insured for loss of use, for a price somewhere around what you would pay for a nice luxury SUV.. he became laminitic, foundered badly and the attending vet wanted to euthanize him. The insurance company called in another vet who stated that it was possible that the horse could someday perhaps do dressage again...

and so the horse lay there in the stall, suffering, for quite some time while they all fought it out. It was ugly and awful. I do believe they euthanized him against the second vets recommendation and of course did not get payment on that loss of use claim but just could not see him suffering any longer.
The insurance company can do this on just a mortality policy as well, if they have to be euthanized for something like founder.

tx3dayeventer
Oct. 21, 2009, 09:22 PM
If they are breeding sound most insurance companies will not approve the claim. My mare was running around Advanced aiming for Rolex CCI**** and pulled up lame with a bone chip in her coffin joint that many vets said would never put her back at 100% for flat work and almost 0% chance for ever jumping again. We had a $150K Loss of Use policy on her. The insurance company laughed and told us she had to have a reproductive exam to examine soundness. Of course she was breeding sound so they told me I was SOL and have fun with the baby :rolleyes:
Be very cautious with LOS on mares.