Livestock insurance finally available in Malaysia
Written by Peter Ibrahim Abisheganaden Tuesday, 22 November 2011 13:06
For the first time in many years, insurance is a financial option for the many Malaysian owners who have invested in top quality horses. Zack's Tack has announced that equine insurance is now available in Malaysia for polo ponies and equestrian horses. Lloyd's of London are the underwriters of this insurance scheme, and State Insurance Brokers Sdn Bhd are the local agents.
Livestock insurance is offered at a basic 6.22% rate, providing the horse passes a veterinary examination and is accepted by the underwriters.
Horses must be between 6 and 12 years old and must be for polo or equestrian usage. There is no coverage available for racehorses yet.
The Royal Malaysian Polo Association insured horses used in the FIP World Cup Zone D Tournament that was held in Malaysia in June 2011. Making insurance available for private owners was the next step.
Zack's Tack's Managing Director Peter Abisheganaden was pleased to make the announcement today, saying "It has been many years since Malaysians have bene able to insure their horses. There has been considerable investment in top quality livestock for so many equine activities. Insuring your equine asset is a logical option. Zack's Tack is very pleased to be able to help make this service available to our equestrian community."
Please click here to download the Lloyd's Equine Proposal Form
Please click here to download the Lloyd's Equine Insurance Veterinary Certificate of Health
Please click here to download the Frequently Asked Questions
Frequently Asked Questions
1) What does the plan cover? And what does it not cover?
Death or Humane destruction of the horse arising from any accident, injury, illness or disease. It does not cover death arising from intentional slaughter or from outbreak of disease which requires government quarantine/ restriction.
2) Who can purchase this plan? (Association/Riding or Polo Clubs)
Legal owners of the horse
3) What are the documents required?
Completion of the Lloyd’s Equine Proposal Form, Declaration of Health& Veterinary Certificate of Health and in some cases a Justification of Value
4) How do you determine the value of the horses to be insured?
Willing buyer & willing seller, neither being under any compulsion & having reasonable knowledge of relevant facts.Documentary evidence of purchase or sale will be necessary in the event of a claim.
5) How do I make payment for the plan? Cheque and credit card?
Either one is acceptable.
6) When does the cover starts?
Upon acceptance by Insurer.
Subsequent payment of premium shall be settled within the premium warranty period which is 60 days.
7) Can the club purchase the insurance as a “group” but individual policies issued to individual owners?
Unless the Club is the owner which we doubt.Hence, the Club can only assist to negotiate for competitive terms using our services but the individual terms will apply based on details in the proposal form & the vet. Certificate of health.
8) Is there an age limit for the horses to be insured?
Usually age in between 6 to 12 for polo horses.
9) What are the documents needed or requirements for a claim?
Usually Completion of the Claim Form & the Veterinary Report.
10) When do I have to notify the claim?
Immediately and not later than 60 days after death/humane destruction.
11) Is there a waiting period before a claim can be made?
No.
12) Can I cancel my plan and is there a cooling off period for this plan?
Cancellation can be done but the refund of premium will be on short period -6 months, the refund is 70% of the annual premium.There is no cooling off period.
13) Will my premiums be refunded if I cancel the plan?
As above.
14) What happens when I sell the horses before the maturity of the plan?
You inform us & we can cancel the policy but the refund is as in item 12.
15) Does the plan cover economics slaughter?
No, any slaughter has to be as a result of humane destruction and certified by a vet
16) If the horse needs to be put down immediately can the owner use any available veterinary surgeon available? – e.g. if it is inhumane for the horse to wait for a longer period for a panel veterinary surgeon to certify that it should be put down immediately.
A vet who is registered by the government or local authority.
17) Are there any territorial limits for the coverage? E.g. what if I want to take the horse to Singapore or Thailand for a polo game?
Policy can be extended to include transit cover with additional premium.
18) Does the policy cover death of the horse due to transportation of the horse from one place to another within Malaysia and outside of Malaysia?
The geographical limit is within Malaysia. If outside Malaysia, the answer is as above.
19) When filling in the veterinary cert of health and health declaration can it be done by the veterinary surgeon from the country of origin of the horse before it is transported to Malaysia?
No, only vets that are registered in Malaysia can do this.
20) Can the owner of the policy fill in one proposal form for more than one horse (e.g. 120 horses) giving details of all the horses in a separate form?
Yes.
For more information, please contact:
Peter Abisheganaden
Managing Director
Zack's Tack
Equine Management & Services Sdn Bhd
116B Jalan Burhanuddin Helmi
Taman Tun Dr Ismail
60000 Kuala Lumpur
Malaysia
Mobile: +60 12 287 5638
Tel: +60 3 7710 6101
Fax: +60 3 7710 6102
e-mail:
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Website: www.zackstack.com
or
Robert Ng Sing Peng.
General Manager.
State Insurance Brokers Sdn. Bhd.
016-661 3524
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http://www.state.com.my
