A variation on mortality coverage is called loss of use, which pays a percentage of the horse’s value should an injury leave him permanently unable to perform in the discipline identified in the policy.
For instance, if an injury ends a jumper’s career, the owner may collect up to 60 percent of the horse’s insured value. But be sure to read the fine print: Many loss-of-use policies give the insurance company the right to take possession of the horse after paying a claim.
Others offer two choices: a higher reimbursement if the insurer keeps the horse or a lower reimbursement if the owner keeps the horse.