Level of insurance cover

Re: Level of insurance cover

Alan Tevendale — Fri, 25 Nov 2011 07:39:17 GMT

Yes the quotes we got from VDS were out of this world. Can't remember exactly and at home right now so don't have the figures to hand but certainly frightening. I'll post again later when I'm at my desk.

Re: Level of insurance cover

Julian Earl — Thu, 24 Nov 2011 22:35:51 GMT

Thanks for the replies - I'll have a ponder of respective quotes but getting £500,000 or £1m cover from VDS iwould be excruciatingly expensive, reputation or no reputation.

Re: Level of insurance cover

Wren — Thu, 24 Nov 2011 22:23:11 GMT

[quote user="Michael Woodhouse"]

Been giving this some thought recently. We are mixed practice and currently insured to £300,000 but think it needs increasing. The highest level VDS offer is £2,000,000 and if your advice lead to Johne's becoming rife in a 500 cow herd the cost would be way more than 2 million. Shame that 'best practice' was to pool colostrum............

Anyway was going to up it to £500,000 but could be negotiated up. VDS were very vague at suggesting a suitable level.

[/quote]

Fish out the latest VDS newsletter.... I've thrown mine away now but there was a tale of woe (don't you just love the way they're written?) relating to an IBR claim in a dairy herd which I'm sure exceeded £2m. The claim was eventually thrown out but I'm sure the moral was that had the claim stuck the VDS would have paid out to the limit of the (substantial) cover and the partners would still have had to sell their houses once the lawyers had all submitted their bills .

Re: Level of insurance cover

Alan Tevendale — Thu, 24 Nov 2011 22:13:03 GMT

[quote user="Hannah Wynne Richards"]

Is it legal to insure the same thing twice ?

Wynne

[/quote]

This was done on the advice of the VIA so I would hope so

Re: Level of insurance cover

Hannah Wynne Richards — Thu, 24 Nov 2011 14:40:57 GMT

That's probably why VDS is more expensive-you get what you pay for Cross reference to fraudulent insurence claims thread Some people will put in fraudulent claims for smallish amounts-knowing you haven't done anything wrong,but thinking you'llpay up if it's cheaper than defending VDS defend, so your reputation remains intact

Re: Level of insurance cover

Evelyn Barbour-Hill — Thu, 24 Nov 2011 13:08:22 GMT

[quote user="Michael Woodhouse"]

Anyway was going to up it to £500,000 but could be negotiated up. VDS were very vague at suggesting a suitable level.

[/quote]

Just remember it's not just forking out for a claim, it's your own legal costs....... huge if it gets as far as barristers.

Re: Level of insurance cover

Hannah Wynne Richards — Thu, 24 Nov 2011 13:02:14 GMT

Is it legal to insure the same thing twice ?

Wynne

Re: Level of insurance cover

Rob Loxley — Thu, 24 Nov 2011 12:58:09 GMT

[quote user="Alan Tevendale"]Best of both worlds I hope.[/quote]

Unless the 2 insurers try to pass the buck for their liabilities between each other?

Re: Level of insurance cover

Alan Tevendale — Thu, 24 Nov 2011 07:44:31 GMT

We had a look at this recently and have just changed our level of cover. I do agree that most of the figures above are probably too low for modern farm practice. Having said that however the cost for VDS cover at their top end if very high. What we now do is to have VDS cover to £300,000 and then top up cover from another company brining us up to £1,000,000.

Far more financially attractive option than getting just the VDS. Best of both worlds I hope.

Re: Level of insurance cover

Michael Woodhouse — Thu, 24 Nov 2011 01:24:06 GMT

Anyway was going to up it to £500,000 but could be negotiated up. VDS were very vague at suggesting a suitable level.

Re: Level of insurance cover

Bob Russell — Tue, 22 Nov 2011 14:14:22 GMT

I have cover for £150K. I do occasionally wonder if this is enough, particularly if a Barrister gets involved!

I look forward to hearing other vets thoughts on this one because I genuinely don't know if this is enough for a single vet small animal practice. I would agree that it is not enough for farm work because of the risk of a large claim.

I don't plan to change it unless someone comes up with a suitable horror story!

Re: Level of insurance cover

Rob Loxley — Tue, 22 Nov 2011 13:34:05 GMT

see also http://www.vetsurgeon.org/forums/p/7275/31109.aspx

Re: Level of insurance cover

Hannah Wynne Richards — Tue, 22 Nov 2011 13:09:05 GMT

With cheaper companies it's a waste of money until you're sued.With VDS it starts to come in useful when you suspect there might be a problem looming, and you can stave it off after a chat with someone whose seen it all before Also do the cheaper companies merely give you cover for losses to the public,or will they defend you to RCVS ? Also VDS will defend your REPUTATION Don't be like the silly owners who buy cheap 12 month policies,and then complain when their diabetic animal is left without funds after a year

I would say £ 250,000 was far too low for farm practice, given the size of modern dairy herds If you make a mistake which allows a disease to become established in one of these monster herds ,you'll need a far higher level Problem is a higher level drives up premiums Maybe the level of premium to cover a herd problem in a 400+ cow herd is one of the reasons so many are getting out of farm work

Wynne