from lexisnexis:
Veterinarians can carry Veterinarians' Professional Liability Insurance, which functions substantially similarly to malpractice insurance. Veterinarian's Professional Liability covers acts, errors and omissions while legally responsible to render professional services as a veterinarian or veterinary technician.
In general, this coverage is endorsed onto a business owner's policy (BOP) or onto a commercial general liability policy (CGL), however it can also be written monoline. When not covered on the BOP or CGL, an exclusion endorsement is often added to exclude property damage to animals under the care of the insured. Remember, in most jurisdictions animals are still treated as the property of the owner and claims are settled as such.
Veterinarians also often purchase an "animal floater" which covers the cost of any animal that dies from a covered cause of loss (usually anything but disease or natural causes) while in the care, custody or control of the insured. For this coverage to be triggered, negligence by the insured does not have to be established, and it also covers theft of animals. It is considered a bailee coverage, similar to the coverage available and liability incurred by a parking garage, dry cleaner, or any service business which takes care, custody or control of another's property. The amount paid under this coverage is the replacement cost of the animal, or what it would cost to purchase, adopt, or acquire an animal of similar characteristics including breed.
Mark Walters, ARM AAI
West Insurance Group |