Foal value for insurance?

[CrazyMare]

Trying to sort insurance out today.

How do I know the value of my foal? Details -

Stud fee £400
Paid £900 for the mare
Worth more now
Never claimed for the mare in 8 years

 

[Maesfen]

I usually do mine for £1000 for the first year at least to cover stud costs but I don't have vet cover. If you need that, what's the least you can insure for, something like £500 I think? I use KBIS.

 

[CrazyMare]

We have vet cover, never used it, but I'm convinced if I didn't I'd need it....

KBIS are on my list to ring, do they cover 15 plus horses?

 

[c7mlm]

nfu would only let me insure foal for 25% value of the mare. if i wanted to insure for more they asked me to prove that it was worth more, finding an advert with same breeding for sale etc

 

[Maesfen]

I think they do veterans but you'd have to ring; they're always very helpful and horse people too which makes a huge difference I think.

 

[irishdraught]

Many companies won't insure foal until it is 30 days old due to the risk factor. I have then insured for £1000 and when I feel it is right to increase, insurance company wanted a letter from a local person in 'the know' to establish that my youngster was indeed worth what I said it was.

 

[CrazyMare]

Thanks, shes 10 weeks old, so old enough now for most companies.

 

[Faithkat]

That's interesting. My mare was insured with NFU and the foal was covered on her foaling extension until she was 30 days, then I insured her in her own right. When it came to deciding her value, NFU reckoned she should be insured for her market value and given her breeding we came up with a figure of £2000. The mare had been insured for £3000.

 

[amandaj79]

I am having problems insuring my foal too. We have phoned NFU for a quote, they asked us how much we valued our foal at. We suggested a figure of £2000. However they have advised us in the unfortunate event that anything should happen they would only be inclined to pay the 'market value' which they deem as £ 600 even though we are paying(and indeed they are happy for us to pay) a premium for £2000 ( which i think is ludicrous).

Whether this is indeed anything to do with us claiming for the loss of our mare ( which we unfortuantely had to have put down 2 weeks aftr foaling) is unclear.

'Forester' are you certain they are happy on your valuation, because i am disappointed that they wont be prepared to pay out on this figure.

The only way they said they wud consider paying the 'our' value is if we get a qualified person such as a registered BHSAI to independently value the foal to determine its true value

 

[Faithkat]

They know the stallion that I used and the fact that the stud in question never sell a foal under £3000 so I decided to err on the conservative side and they came up with a figure of £2000. That is lot less than I am asking for her and is over a £1000 less than it would cost to replace her with a foal of similar breeding (she's now a yearling).