Comprehensive Animal Insurance and Reinsurance – Q&A

 

What's covered?

• Accidental death

• Sickness or disease*

• Humane Destruction**

 

What are coverage limits?

• 100% of the insured value of the animal less any deductible ($1,000) per covered loss.

 

Do I have to insure my entire herd?

• No, you may select individual animals to cover from the age of 1 year (with tag identification) to age 8. Coverage is not available for animals over the age of 8 years.

 

How do I obtain Coverage?

• You must first complete and submit a proposal request form listing the farm's mortality report since inception.

• Based on this information, underwriters will generate a proposal specific to your animal(s) will be generated.

• Should you decide to accept and "bind" the Coverage formally, the following items will need to be completed:

a. Application is completed, including a full body picture of each animal to be insured, showing the tag/identification number of the animal in the image. The picture must also have a date/time and location stamp verifying that the animal is alive and on the premises.

b. Premium deposit of a minimum of one quarter's (25%) premium of the total annual cost.

c. A coverage binder is issued within 2 business days, verifying Coverage on each animal.

d. Policy is generated within 5-10 business days.

e. Acquired animals may be added throughout the year by completing a proposal request form and completed application process as defined above (Items A-D).

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When does Coverage begin?

• After completing the proposal request and receiving approval from the underwriters, Coverage begins after all requirements have been met as defined in "How do I obtain coverage?" on the date the binder is generated from the insurance company.

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When does Coverage end?

• Coverage ends on the date the animal expires, the identification tag is removed from the insured animal, or the policy end date as noted in each policy. We need to address transportation coverage as well as semen and embryo coverage.

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How do I file a claim?

• Complete the claim form. Biologists/Veterinarians must certify and attest to the actual cause of death.

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Claims Examples:

1. Windstorm destroys building housing five insured animals at a total value of $500,000. Separately, two animals killed an injured animal on the same day before the storm. The animal's insured value is $17,000. These are two separate claims. Claim one would be covered for $499,000 ($500,000 less the $1,000 loss deductible), and claim two would be $16,000 ($17,000 less the $1,000 deductible).

 

2. EHD results in the death of an entire herd, of which ten animals are insured for a total of $1,000,000. The veterinarian certifies the claim as being the result of EHD. Based on the EHD benefit of 25% in 1st year, the claim payment would be $1,000,000 x .25 = $250,000 less the $1,000 deductible per loss. We need to verify if this is a $10,000 or $1,000 deductible. The results will be either a $249,000 claim or a $240,000 claim.

 

       www.AllGameCoverage.com | (256) 940-4020 | P.O. Box 3908 Oxford, AL 36203

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