What Is Animal Mortality Insurance
Animal Mortality is a type of Life insurance designed specifically for animals. Regardless if the animal is a pet, a farm animal or in a zoo, their death or illness can be covered by Animal Mortality insurance.
Who Needs Animal Mortality Insurance
Many different types of business rely on animals for income, including farms, ranches, zoos and aquariums, and they may experience significant losses in in the event of the theft or death of one or more of their animals.
Animals may be particularly valuable because of their training, breeding, or rarity – think police dogs, show horses, or a zoo’s panda, respectively. They may also be fundamentally important to the business, like chickens on a poultry farm). Without Animal Mortality insurance, a livestock breeder could be ruined if several animals intended for sale or breeding suddenly died.
While general farm policies may provide some broad coverage for animal loss from certain causes, but Animal Mortality insurance can provide more specialized or broader coverage.
Blanket coverage can be purchased to cover large groups of animals, such as a certain number of animals on a farm, regardless of type. More narrowly defined coverage can also be purchased for a specific type of animal, such as a herd of cows, or even for individual animals, such as a prize-winning horse. Types of animal generally covered by Animal Mortality insurance include:
- livestock (cattle, poultry and pigs)
- bloodstock (horse or dog breeding)
- zoos, aquaria and exotic animals
- dogs (herding, police training and guide dogs)
- animals in transit (including animal semen and embryos)
If an animal, like a dog, cat, bird, rabbit, reptile or bird is owned as a pet then Pet insurance is also available.
What Does Animal Mortality Insurance Cover
As a type of Life insurance, Animal Mortality generally covers the health of animal and any financial loss caused in the result of their theft or death. Typical risk areas include:
- all types of mortality
- theft or unlawful removal
- government slaughter diseases
- animal transit by air, sea, road or rail
- animal infertility
- business interruption
If a pet is insured then the cost of veterinarian fees and medical expenses will be factored into calculating the premium.
What Is Not Included In Animal Mortality Insurance
As the lifespan of an animal can be considerably less than their owner’s, some Animal Mortality or Pet insurance products offer ‘Time-Limited’ policies which provide cover up to a maximum amount per condition. However due to the restricted nature of the cover on offer, time-limited policies are typically one of the cheaper options.
‘Accident Only’ or ‘Named Perils’ similarly provide cover for specified types of illness or injury only.
More general types of exclusion common to most Animal Mortality insurance policies include:
- pre-existing conditions
- change in ownership
- mysterious disappearance
- undeclared correct use of animal
- invalid proof of ownership or purchase price
How Much Does Animal Mortality Insurance Cost
The cost Animal Mortality insurance is based on the value of the animals and any potential profits lost in the event of loss or death, while premiums will change based on the age, sex, and value of the animal.
Most insurance companies require the basis for valuing an animal to be an actual sales price or appraisal, but only in an event where no sale has taken place.
This cost and appraisal needs to be renewed annually and typically the insurance company will ask for new values and costs of the animal.
Some types of animal need specific types of Animal Mortality insurance, such as police dogs, farm animals and race horses. This is not typically purchased with a standard farm insurance policy.