Objectives of Course
- To provide complete information about Animal Insurance (Pertaining to India).
- Benefits and Requirements pertaining to insuring livestock and pet animals.
- Procedure to Insure the livestock and pet animals.(Pertaining to India)
- List of ongoing Schemes and companies pertaining to animal insurance sector.(Pertaining to India)
Introduction to Animal Insurance
It is a Risk Mitigation and management tool which would compensate the 'Insured' with a particular amount of money, as the 'Insured' would have believed is worth, in the event of an unforeseen or sudden peril. In case of "Animal Insurance”, it would necessarily mean that the insurance policy would be taken on the health of the animal in question. In the U.S it primarily means 'Pet Insurance' where the pet guardian would feel that it is worth taking a 'Pet Insurance' against the prohibitive costs involved with respect to treatment of various diseases and ailments their pets might latch on to, leading to very expensive veterinary bills.
Pet Insurance Policies are gradually evolving as an important tool for most pet lovers since the pets are regarded as a part of the family and the responsibility with respect to the health and safety aspects of the pets lie with the pet guardian or owner. In addition to this, the increasing costs of veterinary care, surgery and veterinary medication, have all led to the growing importance of this class of insurance product portfolio.
The extent of cover on either a pet, a class of pets, certain classes of special breeds of animals like those kept in zoological parks and Animal husbandry might vary with different requirements based on their respective risks involved for each class. However, in each policy, Special exclusions, normal exclusions and other terms and conditions are explicitly mentioned. Preventive medication for pets and most other Insurable animal classes are generally not covered under the Insurance policies and are to be borne by the Pet or animal guardian.
In some cases, there can even be a third party liability insurance. For Instance, In U.K, Dogs ought to have a third party liability Insurance. These policies are designed to compensate for any losses caused by the dog, in any car accidents or any such untoward incidents.
Most Insurance companies do not cover any pre-existing diseases that the pets might have been infected with, before taking the policy. The onus is hence on the owner to get the animals insured as early as possible to avoid any such policy complications.
What is Livestock Insurance?
Service offered by a insurance company to protect owners of animals (cow, buffalo or bullocks) from any natural hazards (diseases, accidents, poisoning, etc.) and provide compensation to the owners of the animal when loss occurs in lieu of small regular payments to the company called premium. Through insurance, big losses befalling on few cattle owners are shared by the insurance company and the owner is protected.
India is the largest producer of milk. 50 million women and 15 men are engaged in dairy enterprise. 8% growth rate in animal husbandry is necessary to achieve 4% agriculture growth rate. Livestock Sector is an important sector of national, especially rural economy. The supplemental income derived from rearing of livestock is a great source of support to the farmers facing uncertainties of crop production, apart from providing sustenance to poor and landless farmers.
For promotion of the livestock sector, it has been felt that along with providing more effective for disease control and improvement of genetic quality of animals, a mechanism of assured protection to the farmers and cattle rearer needs to be devised against eventual losses of such animals.