Members of the Racehorse Owners Association will soon be able to obtain insurance cover against disability affecting their horses in training, whether temporary or permanent, and the costs of treating their injuries.The Racehorse Owners Compensation Scheme (ROCS) has been created by insurance broker Lycetts especially for the ROA and provides a comprehensive insurance package for the three main exposures facing a racehorse owner: disability, vet fees and death.
ROA chief executive Michael Harris said: “Owners of horses in training have never been offered this sort of insurance cover before and it is all available under one policy.
“It will provide a unique service that is exclusive to ROA members. We anticipate a high level of interest.
“Lycetts has spent a lot of time on the development of this project in order to ensure that ROCS is as practical and as affordable as possible.”
Cover for disability will provide fixed benefits depending upon the severity of the injury and irrespective of the horse’s value or use. The payments, which range from £2,000 to £8,000, can be used to defray costs in whatever manner the owner chooses and irrespective of where or how the horse recuperates.
ROA members are receiving full details of the exclusive package and premiums during February.
Charles Hamilton, of Lycetts, said: “The purpose of ROCS is to compensate owners for the cost of keep/training fees that are still incurred while a horse is necessarily out of training and will perform similarly to a personal accident policy for humans, with set benefits for specific injuries.”
ROCS also provides members with the option to insure the cost of surgery and all associated hospitalisation charges incurred in treating the same tariff of injuries, up to a maximum of either £5,000 or £10,000.
The scope of cover is wider than anything else available in the market and with transport costs recoverable as well, an owner has access to the top veterinary surgeons in the UK.