QUESTIONS AND ANSWERS

If you have a specific question, issue or suggestion then please do not hesitate to use our Contact Form else, if you are an existing Scheme member, do not hesitate to speak directly to one of our scheme managers or representatives.

This section is updated to represent questions that from time to time arise in relation to the scheme.

How does the scheme function?

All features of the scheme, correspondence, voting, claims and administration is handled via a sophisticated and secure online platform (the “Portal”). There is no need for Members to meet or engage with each other (unless they wish to do so). The only requirement is for each Member to cast a vote in relation to key matters regarding the operation of the scheme to ensure it works for the value and benefit of all Members. For example, authorising claims by other Members, voting on the application of new Members (to keep the scheme safe and the ejection of Members who do not operate by the rules).

Can I join from anywhere in the world?

We accept Membership from a wide range of Countries. All Membership applications are accepted on the strict basis that they, and all contracts and dealings with us, shall be made and conducted exclusively via the Portal from and within London England and therein subject to the exclusive law and jurisdiction of the courts of London, England. No contracts (or other representations of any kind) shall be deemed offered or accepted (or otherwise executed) outside of the Portal in London, England. You may [only] therefore join the scheme if you are in a Country where this is lawfully permitted.

How much is the premium?

There is no notion of ‘premium’ with the Equine Indemnity Scheme (“EI”). This is a key aspect of the EI scheme and what differentiates it to conventional insurance.

Members (both owners and owner/riders) apply to join one of our schemes (“Risk Pools”) in respect of which a small annual fee is payable (the “Membership Fee”) and an annual fee per horse assigned to a Risk Pool (“Horse Fee”), payable quarterly in advance. This Membership Fee is irrespective of the number of horses owned, or placed into any Risk Pool from time to time, which remains at the sole discretion of said Member. These fee’s cover the costs of operating the scheme on a not for profit basis.

How much does scheme Membership cost?

We have a quick-tool to calculate your total cost and compare it to typical insurance costs on our Join page.
The Membership Fee varies depending on the Risk Pool characteristics as follows:
  • FEI Elite Risk Pool (only available to FEI Longines ranked riders/horses)
    • Min Horses capable of placement in the Risk Pool
      -
      1
    • Max Horses capable of placement in the Risk Pool
      -
      (unlimited)
    • Annual Membership Fee (or part thereof)*
      -
      £375 (three hundred seventy five sterling)
    • Annual Membership period
      -
      6th April to 5th April (UK Tax Year)
    • Min Horse Value (Member declared/agreed value)
      -
      £100,000 (one hundred thousand sterling)
    • Max Horse Value (Member declared/agreed value)
      -
      (unlimited)**
    • *this is payable upfront and is calculated pro rata from your joining month against the schemes term.
    • **claims considered up to initial limit of £350,000 (three hundred fifty thousand sterling) - we plan to eventually increase to at least £1,000,000.
  • FEI Risk Pool (only available to FEI registered riders/horses)
    • Min Horses capable of placement in the Risk Pool
      -
      1
    • Max Horses capable of placement in the Risk Pool
      -
      (unlimited)
    • Annual Membership Fee (or part thereof)*
      -
      £375 (three hundred seventy five sterling)
    • Annual Membership period
      -
      6th April to 5th April (UK Tax Year)
    • Min Horse Value (Member declared/agreed value)
      -
      £20,000 (twenty thousand sterling)
    • Max Horse Value (Member declared/agreed value)
      -
      £100,000 (one hundred thousand sterling)
The Horse Fee is calculated identically for all Risk Pools as follows:
  • Risk Pools #1 and #2
    • Min Horses capable of placement in the Risk Pool
      -
      1
    • Max Horses capable of placement in the Risk Pool
      -
      (unlimited)
    • Annual Horse Fee (or part thereof)***
      -
      1% of Member declared/agreed value (payable pro-rata for remainder of Annual Membership period)
    • ****this means Members can add and remove horses from each Risk Pool on a quarterly basis to reflect their current rides.

How are claims paid?

All claims are met by all other Members in the same Risk Pool. So there is no conventional premium to pay, positively impacting cash-flow and cost. Each Risk Pool is protected from the other(s). So any Member suffering a claim in one Risk Pool means the other Members in the same Risk Pool will be asked, once a year, to contribute towards the cost of these claims – but only once all Members have approved the claims at their sole discretion.

However, the amount of money any individual Member has to pay towards any and all other claims (in the same Risk Pool) is capped at 2.5% (or other such amount agreed by a Members annual vote from time to time) of the total value of their Horses in said Risk Pool, pro-rata to how many months of the year they remained in said Risk Pool.

This means if there are no claims, no Member has to pay anything to any other Member at all. Zero.

If there are more claims than the 2.5% cap (meaning the scheme has been exposed to higher than expected claims, which the Members have approved) then the amount each Member receives, due to the cap limit, is reduced pro-rata to make it fair to all Members.

How are claims made?

Claims are all entered on the Portal, along with veterinary reports, evidence and such like. If additional information is required, the Member must provide it at their cost and expense as reasonably required. The claims are then assessed by qualified insurance assessors and as appropriate, loss adjusters and investigative solicitors and other experts.

When are claims paid?

All claims are reviewed by the Members via the Portal within 3 (three) months of the end of each annual period mentioned above. Once all contributions are received by other Members (as appropriate) claims are discharged by the scheme from its protected client account with the bank (in which all client funds are secured from the scheme’s own funds).

What happens if a Member does not pay his share of any claims?

That Member will be asked to comply, and if within 3 (three) months of a request for his ‘call’ for payment is not made, then his/her:
  • membership will be terminated forthwith (with no repayment or credit)
  • claims will be automatically rejected
  • will be barred from future membership (for life, unless voted otherwise by the Members)
  • if approved by the Members, may be pursued for any outstanding payments (including interest and legal costs)

So how do Members vote and will I know who has voted against my claim?

Members vote via our sophisticated online digital system. All Members can see all other Members and their Claims. This is the essence of the scheme to keep it transparent, fair and avoid exaggerated or fraudulent claims. Each vote cast, however, is privileged meaning no Member can see another Members vote. So voting is on confidence to protect all Members and their impartiality.

What happens if my claims is rejected or not fairly paid?

The scheme has a built in arbitration system. Any such disputes, of any kind, are referred to independent arbitrators – specialist sport horse veterinary surgeons and expert barristers/lawyers who together opine upon any such complaint independently of the Members. This ensures that the transparency and fairness sought by the scheme can be fairly and properly executed – and subject to serious scrutiny by any complainant in a fair and robust way. This is a scheme run for and on behalf of all of the Members. Remember that the essence of the success of the scheme is that of fairness, transparency and the utmost good faith, so as to protect and promote the sport of show jumping and increasing investment into our sport for the future on a not for profit basis.

What happens if I am a part owner in a horse?

The lead owner registers the horse and is the scheme point of contact, recipient and obligor. He/she then liaises privately (outside of the scheme) with any other owners or beneficiaries.

What happens if I buy or sell a horse?

A horse can be transferred from one Member to the other via the Portal. Else simply remove the Horse from the Risk Pool to which it is assigned and the new Member (owner) can liaise with us and assume its control via his/her Portal account. A credit is available to transfer to another Horse within the same Risk Pool for the remainder of the scheme period. No refunds are given.

PLEASE NOTE:

The scheme can also assist with the transfer of a horse via its (soon to be launched) equine escrow service. This allows the buyer to place funds into a secure client account with our Bankers (and Solicitors of advice required) and once the horse is received by the Buyer the funds are released to the Seller securely, in their chosen currency and at very favourable exchange rates (as appropriate). Additional special conditions can be put in place, if and as required. Payments to the seller can also be applied to multiple simultaneous beneficiaries i.e. for ease of payment to an intermediate broker, dealer or interested party (undisclosed to the buyer unless otherwise required). This service is aimed to assist both the buyer and seller and their mutual intermediaries and thus improve trust, exchange rates and prompt payment of said intermediaries in a controlled manner, all accessible 24/7/365 via the Portal.

What happens if the scheme closes down?

The scheme is operated as a not for profit, but obviously operates as a commercial legal entity – a special purpose Community Interest Company, formed pursuant to special laws in the United Kingdom.

As such, the company and its creditors are protected in the same way as with a normal company.

The company has secured services from other companies (in particular the Portal) on special terms that mean that its costs are directly related and geared to its membership income and vice versa. This substantially mitigates any failure risk as the only other costs are marketing and scheme operation. The company does not speculate or invest and its objective, enshrined in law, is that of benefit to its community of members. Any failure would not, in any event, prevent any member obtaining any settlement due from the other members in the event of a failure of the company as those liabilities are (inter-alia) amongst its Members directly.

In the event of imminent failure the board will notify the Members and appoint an Administrator pursuant to UK Law to protect the Members. The Portal operator has signed terms with the company to continue operations in the event of such failure to assist the Members and any such Administrator as a further protective measure to ensure ongoing protection of all Members and their benefits in the event of such a failure. The Portal operator has also placed the Portal source code in escrow and additionally maintains replicated mirrors to a third party provider in the event of failure of the Portal operator or its systems.

What if I need assistance?

Simply login to the Portal where you can correspond (and track all historic correspondence) with the system in real-time 24 hours a day, 7 days a week. We also provide real-time multi-lingual chat, during European business hours, and on a best efforts basis 24 hours a day, 7 days a week. This is free, convenient, and provides a dynamic and real-time translation service where our operators can assist you in all main languages and without having to queue on an international telephone call. Chat is available from all PC's, tablets and smart phones for your complete convenience. So if you have a quick question, or need some on the spot advice, please don't hesitate to browse to our website and click on the chat window.