Choosing Your Equine Insurance Agent
It is always better to find an agent that specializes in your particular discipline. The agent is usually more familiar with the current formats, organizations and values of animals in the disciplines that they participate in. It is to the insured's advantage to work with an agent that is a rider or†horseman himself, according to Lyndia Cotton, owner of LCI Livestock Insurance.
"My theory is, if I'm a horseman and I'm out there with my trailer at an event among the people I'm insuring, I want to be sure the companies I'm riding with and the claim settlements are top notch," she said. "I don't want to just hide behind a desk."
You need to have a good feeling about the agent after talking with them about your horse. A horse owner has more than a financial investment in the horse. Many have a strong emotional relationship with their animal. The horse owner should recognize the difference between an agent that is simply quoting rates versus an agent that takes time to explain the coverage and discuss comparisons and examples. Be sure to request the information on the quote and coverage be sent to you in writing. Never assume what is covered, get it in writing.
Talking to friends and leaders in your local competitions for references is always a good idea. According to Cotton, here are some questions a horse owner should ask the agent before signing up.
• Will you send me the quote and coverage†information in writing?
• What is the name of the company?
• What is the A.M. Best Rating (A.M. Best is a company whose ratings are recognized as the-benchmark for assessing the financial strength of insurance-related organizations and the credit quality of their obligations) of the company for whom you are quoting me?
• What is the normal time frame for claims payment with the company?
• Do you or the company have a 24-hour toll-free claims number?
• How long have you, as an agent, been writing this type of business?
• Do you have client references that have had claims in the past?
