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The Process and Questions to Ask

Once you know which type of mortality insurance works for your needs, the process is fairly easy though it does require some paperwork and some photos. If you’re at an auction and want to insure that cow before you load her up in the trailer, that can be done with just a cell phone.

“The buyer can call their agent, who will ask them to keep copies of the bill of sale, the check and the pedigree or lot number from the catalog, “Smith explains. “With cell phones, it works so nice because you just shoot pictures of all that. So, for example, send me the pictures and I fill out an application. We put the animals’ particulars, his birthdate and registration, and your particulars, address, date, email, and then we send you the application by DocuSign. You read it all through, make sure we’re all talking about the same critter, sign it and send it back to me. If the agent has what’s called binding authority it can happen instantaneously.”

Of course, you also have to pay for it. Hopefully, you have established a relationship with an insurance agent before it gets to this point; but if not, a sale manager can usually help you find one. Either way, there are a few key questions to ask before signing any paperwork:

• Is the policy for full mortality or specified peril?

• If it is specified peril, what exactly are the events covered?

• Are there any limits to the coverage?

• What is the term of the policy?

• What is rate of the premium?

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• If you’ve borrowed money to buy the animal, does the bank require you to list it as an additional payee on the policy?

• Who is the company actually writing the policy (not just the agent selling it to you)?

If disaster strikes, say the donor cow was struck by lightning, Smith says to grab your cell phone again because you will have to prove the animal died.

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Thanks to the buyers from our 32nd Annual Production Sale. We appreciate your interest and trust in our program.

“The producer is supposed to call claims, but usually they call me,” he adds. “I tell them to go shoot a picture right now of the animal and try and get a shot of the head, ear tag, tattoo, brand, anything you can get to show the identity. Take tons of pictures with your phone. Then call your veterinarian to come out and post it. A lot of times, it’s something obvious and that’s what the vet will call it—“death by lightning” or something like that.

“But if it looks iffy as to what caused the death, the claims department may ask them to cut that one open and find out if it had cancer or some other disease,” Smith says. “If it’s on a full mortality policy, they’re going to pay either way but they keep a database of why animals die.”

From the producer’s perspective, as long as the cause of death is covered, it doesn’t really matter—he or she will be able to sleep knowing there will be a check in the mail soon.

ABOUT THE AUTHOR: Sharla Ishmael is a veteran agricultural writer from Benbrook, Texas.