The insurance depends on the company and the insurance and the horses worth, I have been doing a few prospective insurance quotes. Unde £5000 purchase price some do not ask for a certificate.
5 stage vetting is more comprehensive though :
Stage 1: consists of a full physical examination. Each part of the horse carefully checked. During the check the heart and lungs are checked with a stethoscope, the eyes are checked with an ophthalmoscope,. The head, neck, body and legs are examined for lumps, bumps, swellings or asymmetry. The horse's age is assessed by oral examination.
Stage 2: the horse is walked and trotted up to assess gait and detect any lameness.
Stage 3: the horse is exercised fully. This is normally done ridden or by lungeing in an arena or suitable grass paddock. The aim here is to assess the horse's 'wind' and further check for any lameness.
Stage 4:the horse is allowed to cool down. The vet may draw the horse for the certificate - this is done to make sure there is no doubt which horse was vetted should there be a dispute at a later date.
Stage 5: Stage 2 is repeated. This is a final check to see if the heavy exercise and subsequent cool down has left the horse stiff or lame.
I had a five stage and he did the above plus flexion tests and trotting on very tight circle on hard ground. Checked for microchip and that the horse corresponded to her passport.
Insurance didn't ask for any of this as she was not expensive. Very glad I did though as if I hadn't bothered I wouldn't have her, I'd have a three legged head shaker who was £1000 more :0