An Explanation of Loss of Use

When it comes to insuring your horse there are lots of things you need to think about and do to ensure you won`t run into any problems in the future that you may not be able to cover out of pocket. This also means you need to understand why you could lose insurance, what this means and how you can fix it. We`re going to talk about what Loss of Use is when it comes to equestrian insurance, how this can happen and if there`s anything you can do to reverse it.

So what exactly does Loss of Use mean? The short answer is that it means you`ve lost insurance for your horse in certain activities. Essentially, if your horse becomes injured and then cannot participate in the events he`s insured to participate in, you`ll lose that aspect of your insurance. This can lead to many companies refusing to pay out for injuries that occur after this time.

If your insurance company says you have loss of use, it`s time to start a conversation, as that`s the best way to initiate a claim. The best outcomes result when someone contacts the insurance company as soon as possible and involves the vet in the discussion as well, as they`re able to fully explain the injury, what it means, what fixing it will entail and more that you couldn`t relay yourself.

To fully initiate your claim you`ll need to provide a report detailing everything about the case history. The injury, the prognosis, potential treatments and treatments already tried and then the insurer will look all of this over and decide whether your horses` value will remain the same or decrease, and if decrease by how much.

If you`re still confused of what this means, we`ll give you an example. Say your horse is insured for show jumping and for a variety of reasons they`re insured for a very high amount. If your horse sustains an injury that prevents them from competing, your insurance company may only pay out insurance at a certain percentage of your horse is valued at. This can be around 60% if your horse is permanently disabled.

Some additional things to know about loss of use:

Many policies will require you do everything possible to treat your horse before deciding to file for a claim.

Not all sports are covered, especially if they`re considered high risk.

Once you`ve been paid for a loss of use claim, any other mortality coverage is thereby canceled.

Dealing with your equine insurance can be a stressful process and it can sometimes feel confusing and a never ending struggle, but the key points to keep in mind are to keep an open line of communication between you, your vet and the insurance company and never wait until the last minute to deal with any problems.

Horse Videos