Today's Veterinary Business

AUG 2018

Today’s Veterinary Business provides information and resources designed to help veterinarians and office management improve the financial performance of their practices, allowing them to increase the level of patient care and client service.

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property. A bailment relationship exists when a person — the bailor — leaves property with the bailee for a special purpose, such as the storage or safekeeping of it or to perform work or service on it. Once bailees take possession of a bailor's property, they have a certain fidu- ciary responsibility to the bailor to maintain and return the property at a previously agreed-upon time and condition. From the standpoint of a vet- erinary clinic, failure to return an animal because of the business's negligence typically falls into either the professional or animal bailee area of liability. Assuming the problem is not related to the delivery of medical services below the accepted standard of care, which would be professional liabil- ity, then an animal bailee liability issue is present. Animal bailee insurance is designed to provide financial and legal assistance to the veterinary business when an adverse event occurs to an animal while in the clinic's care, custody or control. Unfortunately, many veterinari- ans either do not have animal bailee coverage or have a limited policy, putting them at serious financial risk. Here is what you should look for in an animal bailee policy and from the insurance provider: Adequate Total Coverage Limits I recommend that the coverage limits take into account a cata- strophic event, such as when all cages and runs are occupied and a complete loss of animal life occurs. This level of insurance is not expensive, so save your money somewhere else. No Per-Animal Sublimits Animal bailee policies often provide an appropriate coverage maximum but then restrict the per-animal limit to an inadequate level. Insurance companies recog- nize that the chance of loss of one or two animals is statistically much greater than the loss of all animals under a veterinary practice's care, custody or control during any one occurrence. By limiting the amount paid per animal, insurers can substantially reduce their financial exposure and create the impression that an adequate coverage limit is available. The best way to ensure you have sufficient coverage for replacement of any one animal is to select a policy that does not include a per-animal sublimit. In-Transit Coverage Make sure your animal bailee cover- age is not limited to animals on your insured premises. Coverage should extend to animals in transit in your owned, leased or hired vehicles. The policy should read similar to: "We will pay for loss or damage to covered animals while in your care, 3 Business PROTECT & DEFEND 2 1 Your companion in the lab FREE samples! 1.1 ml 9 ml 0.5 ml 1.3 ml Better Blood Collection Solutions • Better sample quality at reduced cost • Widest range of volumes • Vet tech preferred brand • Compatible with all in-house testing analyzers www.sarstedt.com • sales.us@sarstedt.com • 800-257-5101 Protection designed with you in mind. The Safehold Veterinary Insurance program is specifically designed to address the unique coverage needs of veterinarians and the services they provide. We provide access to high-quality insurance products at very competitive prices, helping protect licensed veterinarians in every state. Our proprietary program is led by an experienced veterinarian and includes key coverages for today's veterinary service practitioners. Available coverages include: • Workers' Compensation • Business Owners' • Professional Liability Package Policy • Builders' Risk • Cyber Liability • Umbrella • Business Auto • Employment Practices • Directors and Officers Liability Liability Contact us today to see how Safehold can help protect you and your practice: edward.branam @safehold.com Products and services are offered through Safehold Special Risk, Inc., dba Safehold Special Risk & Insurance Services, Inc. in California. Coverage is provided by unaffiliated insurance companies. © 2018 Safehold Special Risk, Inc. All rights reserved. Make sure your animal bailee coverage is not limited to animals on your insured premises. Coverage should extend to animals in transit in your owned, leased or hired vehicles.

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