There is nothing more vitally important than the horse and rider’s physical safety when participating in equestrian sports. Rider safety has become an increasingly popular topic of discussion these days, and we are taking measures for extra protection with the growing popularity of the safety vest, for example. However, we equestrians know the risks every time we put our foot in the stirrup and swing our leg over the saddle — falls come with the territory and accidents happen. If you are a professional in the industry, it is not only your goals and ambitions that depend on the continuity of your riding career, but also your livelihood.
While physical protection is paramount, financial protection follows not too far behind. We have previously discussed financial preparedness by way of lending options such as home equity lines of credit and property refinancing, as well as the utilization of specific products such as Money Market and Wealth Management accounts. If you are a professional in the equestrian industry, Malvern Bank’s partners at Aon offer one more tool to set you up for success. Aon offers a unique product called Pro-Jockey Disability Insurance. But do not let the name fool you— Aon’s equestrian disability insurance is a financial planning tool available to various professionals spanning the numerous disciplines within the equestrian industry. Our equine athletes are often insured. What about the other half of the partnership?
I had the opportunity to speak with Aon’s Alessandra Nicolas and her team of equestrian specialists for some insight into this specialized product. And while the term disability may sound specific, the product is flexible— covering a wide variety of mishaps, accidents, and injuries. If you do not fit the bill for this particular disability financial planning tool, the team at Aon can customize a plan to fit your needs and scenario as a professional equestrian. Keep reading for more information.
HD: Who within the equestrian industry qualifies for this insurance? And is this available to all equestrian disciplines?
Aon: It would be a case-to-case basis with each client. Typically, anyone who is competing professionally and is making over $150,000 qualifies. And yes, it is available to all equestrian disciplines.
HD: Is the benefit tax-free?
Aon: If the client pays for it himself the benefit is tax-free; if an employer pays for it, it is not tax-free.
HD: What is the maximum benefit?
Aon: It would depend on how much the athlete makes and his or her age.
HD: Is the professional covered both on and off the horse (or while and while not performing his/her duties)?
Aon: We would set up the plan for the specific sport and/or activity. The plan would be 24/7, on and off the horse.
HD: What types of equestrian disability insurance are available?
Aon: We offer monthly (TTD) benefits as well as a lump sum (PTD) benefit.
HD: What are TTD and PTD?
Aon: Temporary Total Disability provides a monthly or weekly benefit if as a result of an accidental bodily injury (on or off the horses) or sickness, an athlete is physically unable to participate in his or her sport. PTD, or Permanent Total Disability, provides a lumpsum benefit if as a result of an accidental bodily injury (on or off the horse) or sickness, and athlete is physically unable to participate in his/her sport
HD: Why is it important for equestrians to carry this insurance?
Aon: There is a high incidence rate for these occupations, thus domestic carriers don’t even offer this insurance.
HD: How would our professional equestrian readers get started?
Aon: All we would need is his or her name, date of birth, and income. We will review with underwriters to see if they would qualify.
At Malvern Bank, we are committed to serving all of the financial needs of equestrians, which is why we are excited to welcome Rachel Heist to our equestrian team as an Assistant Vice President/Personal Banker. Rachel showed competitively in the hunters and equitation throughout her junior career including shows such as Junior Hunter Finals, the Pennsylvania National Horse Show and Zone 2 Hunter Finals. She attended Delaware Valley University where she was a member of the IHSA team while working towards a degree in Equine Management with a specialization in media and communications. She began working in insurance in 2017, and has experience in personal, commercial and equine insurance. Rachel plans to combine her background in insurance and with her equestrian experience for her new position at Malvern Bank. To learn more about the partnership between Aon and Malvern click here.