Does anyone or has anyone ever added or had to use Loss of Use in their insurance policy for their horse? What, if any benefit, was there? Also what insurance companies provide this coverage? I have a couple of horses that are insured, and have been for quite some time, but there is not a loss of use clause so looking to change companies and would appreciate any input or advice.
I've never had a loss of use policy on a horse, and probably never will. I do have a very vivid memory of a friend in high school whose horse was picked up by "the insurance company" in a VERY sketchy trailer by a VERY sketchy guy when they made a claim on a loss of use policy. Many, but not all, loss of use policies require that you give the horse to the insurance company if you make a claim. Presumably, they sell the horse for whatever they can get for it or euthanize it.
The ethics of the entire thing make it not worth it to me. My understanding is also that most policies require that the horse not be useful for ANY purpose, not just your intended purpose, in order for a claim to be made.
Loss of use is expensive (high yearly premiums, plus the initial vet exam/x-rays to get approved), and very difficult to claim on. From what I've heard, you need to prove that the horse can't do the job again at any level. So if your 14 y/o jumper tears a suspensory, and the vet says it might be sound for 2'6" again after 2 years of rehab- the insurance company is very unlikely to pay out. Also, as was mentioned, the typical payout is 50% of value and you keep the horse, or 75% of value and the insurance company gets possession.
The ones I've spoke with said it is only from an accident injury. Arthritis, normal wear being retired, injury during riding is not covered. Only cover accidents in the pasture/barn etc. Also horse has to be not able to be ridden for any use again. Also all companies that carry this van come and take your horse if they want to if you claim. Most companies told me they rarely do this but it is a possibility. They will sell them to therapeutic programs etc. For me it's not worth it. I don't want someone coming to take my horse that I love because I can't use him anymore.
Horses aren't our whole life, but makes our life whole