Insurance needing a valuation after horse been pts

[DPDOT]

Good afternoon,

I heartbreakingly had my 2yr old pts on the 28th of April after a long and painful battle with illness The insurance company (Insurance Emporium) have been fairly difficult throughout the whole experience since starting with the Vet bill claims. Now they have agreed to pay PART of the vet bills, they are now saying they need a breeder or trader to give a valuation of my horse so they can pay for the death claim.

Can anyone please share some insight into what type of person/who can do this valuation for me please and what sort of thing they will need to say? I am presuming it needs to be submitted to the insurance company in letter form?

Thank you in advance

 

[MidChristmasCrisis]

In my experience of insurance and my mare being put to sleep the valuation was part of the original insurance arrangement…so when she was pts the company already knew what value they were paying out to me because it formed part of the equation on which my insurance premium was worked out.

 

[DPDOT]

In my experience of insurance and my mare being put to sleep the valuation was part of the original insurance arrangement…so when she was pts the company already knew what value they were paying out to me because it formed part of the equation on which my insurance premium was worked out.

So he was insured for £2500,which if I was ever to sell him would be the starting asking price due to breeding, what he had done, behaviour etc however I brought him for just under £1000 so they're saying they are only willing to pay the amount that was on the receipt rather than the market value UNLESS I have a valuation done. I am fine to get the valuation done, I just don't know who would be able to do it for it to be accepted by the insurance company.

 

[Flyermc]

How odd, i was with petplan and when my boy was PTS the payout i got, was his insurance value of £2,250 i wasnt asked for any documentation

It might be worth asking the insurance company, what sort of valuation they would accept? Would the breeder be able to give an updated valuation or maybe have details of other 2 year olds that they have recently sold with similar breeding?

 

[MidChristmasCrisis]

The company is trying it on..if you insured for the higher amount that is what they will have based your premium on not the lower figure…unless someone in the company made a mistake when setting up the policy.

 

[criso]

I seem to remember when checking policy wording that if you were to insure for higher than the purchase price, they could ask for evidence. This was a different insurer.

Was he a particular breed? if so can you contact breeders and get them to say what they would sell youngsters of similar bloodlines for.

 

[The Bouncing Bog Trotter]

Ask the insurers who they will accept a valuation from, otherwise you could spend a lot of time getting valuations that won’t be accepted.

 

[DPDOT]

Ask the insurers who they will accept a valuation from, otherwise you could spend a lot of time getting valuations that won’t be accepted.

The insurance when I asked them said " A Trader". Not very helpful in my opinion as I bet whoever I get a valuation letter from they wont accept... I've asked a local equine business owner and his breeder. Both whom have agreed £2000 minimum.

Just sad really that instead of just paying what he was insured for they are instead asking me to justify and provide evidence... As if loosing my horse wasnt enough

Thank You everyone for your responses - they have been very helpful!x

 

[Fieldlife]

It’s standard to ask for proof if you insure for more than purchase price.

I’d email them a list of names and credentials and ask who they’ll accept an email from?

 

[ycbm]

In my experience of insurance and my mare being put to sleep the valuation was part of the original insurance arrangement…so when she was pts the company already knew what value they were paying out to me because it formed part of the equation on which my insurance premium was worked out.

Most policies will only pay out the market value of what your horse was worth when it died or immediately prior to the illness which resulted in its death. While these are often the same as the sum insured, it's not always the case.

It would be a rare insurer, I think, who told you that you were paying too high a premium because your horse was worth less than you had it insured for. But if you insured a horse for £10k at say, 10 years old and kept the policy going until the horse died at 20, then I think many insurance companies would refuse to pay out £10k without additional proof of value.

I had to provide a valuation on a 6 year old who dropped dead in 1998 who was only insured for £2k.
.

 

[ycbm]

The company is trying it on..if you insured for the higher amount that is what they will have based your premium on not the lower figure…unless someone in the company made a mistake when setting up the policy.

The company isn't trying it on, this is standard when a horse is insured for more than it cost. You can insure for more than a horse is worth but you can't make them pay out on it. Insurance is to cover loss. If the horse wasn't worth what you've insured it for, you haven't lost the "extra", and there's nothing for them to pay.


Sorry about your youngster DPDOT, it's hard enough to deal with that loss without insurance companies being difficult.
.

 

[z00]

The insurance when I asked them said " A Trader". Not very helpful in my opinion as I bet whoever I get a valuation letter from they wont accept... I've asked a local equine business owner and his breeder. Both whom have agreed £2000 minimum.

Just sad really that instead of just paying what he was insured for they are instead asking me to justify and provide evidence... As if loosing my horse wasnt enough

Thank You everyone for your responses - they have been very helpful!x

Sorry for your loss

Not horse related but a very similar situation when our prize winning pedigree bull broke his leg, we asked our land agent and local auctioneer to validate the bulls value and the insurers accepted this without any further issue