Posted 2014-09-12 12:17 PM Subject: Loss of Use insurance- Question!!
Ms. Poutability
Posts: 2362 Location: In my own world
I am researching loss of use insurance on a horse I purchased. One company I contacted said the insurance company retained the right to take my horse if I made a loss of use claim and they paid it. Is this the standard? I was kind of shocked. But it's been a while since I have done insurance
Posted 2014-09-12 12:48 PM Subject: RE: Loss of Use insurance- Question!!
Expert
Posts: 4625 Location: Desert Land
livinonlove&horses - 2014-09-12 10:17 AM I am researching loss of use insurance on a horse I purchased. One company I contacted said the insurance company retained the right to take my horse if I made a loss of use claim and they paid it. Is this the standard? I was kind of shocked. But it's been a while since I have done insurance
Yes, if you make your claim for loss of use, they can take possession of your horse. They are paying you out for not being able to "use" him, so why would you get to keep him? It's for fraud protection to make sure you don't get paid out and then still end up having the horse for it's intended use. Also, I don't think most companies do Loss of Use policies for barrel horses.
Posted 2014-09-14 6:42 PM Subject: RE: Loss of Use insurance- Question!!
Ms. Poutability
Posts: 2362 Location: In my own world
Thank you. I'm not familiar with this type. Yes LCI will do it on a barrel horse and they only pay 60% of the insured price. And at that price I feel like I should get to keep it for a pasture pet or trail horse. Doesn't sound like it's worth it
Loss of Use insurance- Question!!
