Frustration of Import and Loss of Income Cover
GUIDANCE NOTES - BLOODSTOCK INSURANCE
Stallion Availability, Loss of Income including Frustration of Import Cover
Some Key Points
Your stallion is insured against being unavailable to cover mares during the Southern Hemisphere Breeding Season as a result of failing to be passed fit by a qualified veterinary surgeon to travel or to breed or as a result of failing to satisfy import or export regulations required for import to Australia or New Zealand.
The policy does NOT give you cover for death or theft of the stallion.
At inception of cover your horse must be confirmed in sound health with this being documented by either a veterinary certificate or a declaration of health, whichever is requested. Pre-existing conditions that are potentially life threatening will be excluded from cover.
The sum insured (or limit of liability) under your policy is an “Agreed Value”, but you have a responsibility to ensure that the sum insured reflects fair market value. There are certain circumstances in which the sum insured will be automatically reduced by insurers which are fully detailed in the Agreed Value Clause attaching to the policy.
FACTORS WHICH AFFECT YOUR PREMIUMS
Factors which affect the level of your premiums include the sum insured or limit of liability you select, your share in the stallions(s), the location of the stallions(s), the age and health of your stallions(s), your insurance and claims history and the period you require for the policy. Generally speaking premiums for periods of cover of less than one year are greater than pro rata - the short term premium scale is shown in your policy document. Stable discounts are offered for policies covering more than one horse depending on the overall values insured.
The Policy will NOT pay
If your stallion dies or is stolen
For any veterinary fees incurred by you in treating your horse, or post mortem expenses in the event of its death.
For any liability arising from damage or injury caused by your horse.
For losses due to terrorism (this cover is only available for horses whilst in USA and has to be specifically requested and agreed by insurers).
For losses arising directly or indirectly from Avian Influenza
Your Responsibilities
In order to make sure that your policy will respond in the event of a claim it is very important that YOU SHOULD NOTIFY US if:-
The use of your horse described under the policy changes.
Your horse is going to move outside the territorial limits shown on the policy.
You dispose of any interest in your horse.
Your horse suffers any illness, disease or injury. In such event you must arrange immediately to have it treated by a qualified veterinary surgeon.
Your horse undergoes any surgical operation within 14 days of such operation taking place.
Your horse dies.
Your horse is stolen.
FAILURE TO ACT IN ACCORDANCE WITH THE POLICY CONDITIONS MAY INVALIDATE YOUR POLICY
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Finance & Administration Departments: F +61 7 5531 6888 | info@magicmillions.com.au