Owning an exotic pet can be both expensive and risky. Most exotic pets require additional maintenance and veterinary care than a house cat or dog. Unlike most dogs and cats, exotic pets also tend to have recurring illnesses, specific to their breed. Exotic pet ownership has dramatically increased over the last decade; this increase in popularity has resulted in more instances of attack or escape.
Even well-trained or supposedly tamed wild or exotic animals can pose a threat to humans. Their behavior can be unpredictable, especially if they become frightened or feel cornered or trapped. If a pet injures other people or their property, owners could be responsible for thousands or even millions of dollars in damages if a lawsuit or settlement goes against them. In some cases, the consequences could cause them to lose most or all of their personal or financial assets.
Exotic animal liability insurance can come to the financial rescue in these situations. These policies will compensate third parties for bodily injury or property damage caused by pets up to the policy’s coverage limits. This insurance will also cover the costs of the policyholder’s legal defense if the case goes to court.
We can help insurance producers (agents and brokers) that are looking to write more business for their clients who own exotic pets, including:
The likelihood of an exotic pet being covered by homeowners insurance is slim. Many traditional insurance policies are very particular as to what animals they cover. Most even restrict certain breeds of dogs from coverage or exclude animal liability coverage altogether. Because insurance policies are becoming more exclusionary, it is likely that a current homeowners insurance policy will not cover an exotic pet.
Average cost per year housecat $200 vs. big cat $7060
Since 1990, there have been over 1,000 reported incidents involving exotic pets including large cats, nonhuman primates, reptiles, bears, wolves, foxes, and ferrets.
Are you an insurance agent or broker with clients that have an exotic bird, monkey, big cat, reptile, tortoise, rabbit, or other exotic mammals? Prime Insurance Company can offer coverage if the pet is involved in an accident, causing physical or emotional injury to a victim. We can provide an all-in-one exotic pet insurance plan with customized coverage that significantly reduces the policyholder’s liability exposure. They’ll gain peace of mind knowing they’re prepared for a worst-case scenario involving their animals.
At Prime, we focus on covering risks that traditional homeowners policies and other liability plans won’t. As an excess and surplus lines insurance partner, we can provide outside-the-box solutions for hard-to-place risks. We can also fill gaps and exclusions in existing policies. Many producers and prospective policyholders turn to us after they’ve been canceled, rejected, or nonrenewed elsewhere. We can often cover those with an extensive claims history, too.
At Prime, we do our best to maximize the exotic animal insurance experience for producers and the policyholders they serve. Our hands-on, in-house underwriting process is designed to find multiple options to meet every applicant’s unique coverage requirements. We also offer direct claims handling from our dedicated team of attorneys and adjusters who work hard to combat unsubstantiated claims and frivolous lawsuits. An around-the-clock reporting hotline is also available to enable policyholders to initiate the claims process at any time.
We also offer on-site risk management services that can reduce the likelihood of an incident involving an exotic pet. We can show policyholders how to minimize their exposure and lower their insurance costs in the process.
Partnering with Prime gives you more opportunities to expand your business by offering nonstandard coverage. We also offer:
When you choose Prime for your clients’ exotic pet liability coverage, you’ll work with a provider with a solid financial foundation — a crucial consideration when it comes to paying claims. We’ve received an “A” (Excellent) rating from AM Best, a global credit rating agency that has served the insurance and financial services industry since 1899. Prime has also earned a Financial Stability Rating® of A” (A Double Prime), Unsurpassed, from Demotech, Inc. The most current Financial Stability Rating® must be verified by visiting www.demotech.com. We have the resources to handle claims and meet all our other financial obligations.
Policyholders and producers can start the exotic animal insurance application process whenever it’s convenient. Begin by filling out and submitting the online application. Our underwriting team will promptly review it and contact you to request any additional information or documentation and set up a phone call to discuss the risk further. We’ll then issue a no-obligation quote. We’ll bind coverage after we receive approval and the initial payment.